By Heartbreak and anger are spilling onto Nigerian social media as users grapple with the sudden collapse of CBEX, a high-yield investment platform many are bitterly labeling “MMM Pro Max,” a stark reminder of past Ponzi schemes. The platform’s dramatic failure has left countless investors in despair, with some reportedly losing their entire life savings.
The depth of the crisis became starkly apparent when a group of enraged individuals descended upon the CBEX office in the Oke-Ado area of Ibadan, Oyo State, on Monday evening. Driven by desperation and a sense of betrayal, they reportedly looted furniture and other items from the premises, a physical manifestation of the financial devastation the platform’s crash has caused.
The human cost of this collapse is poignantly illustrated by the story of a Nigerian woman named Bolarinwa, which has gone viral online. Speaking with raw emotion in pidgin English, she recounted how she poured her entire life savings, painstakingly earned through difficult labor in Libya, and even borrowed money from friends, into the seemingly lucrative CBEX scheme. Her neighbor had convinced her that this “programme on the ground” would offer a lifeline, a chance to multiply her meager earnings.
“I invested 200 dollars, which I collected from all my friends; all the money was 1,200,” she explained, her voice heavy with regret. “I go to Libya to work, no work, fighting… see my hands. I came back, and my neighbour told me that the programme on the ground now (CBEX) would help me; I should go and find the money. The small money I bring from Libya I join am.” Bolarinwa confessed to initial doubts but succumbed to peer pressure and the lure of quick returns. “I did not want to do it. She (my neighbor) collect the money, I saw the money she collected. She said I should join it, that it will make the money times two. So I do it,” she lamented.
CBEX had enticingly promised users a staggering 100% return on their investments within a single month, exclusively dealing in U.S. dollars. However, mirroring the trajectory of numerous Ponzi schemes before it, the platform abruptly crashed without any prior warning. Investors suddenly found themselves locked out, unable to access their accounts or make withdrawals. Within hours, balances displayed on their screens vanished into thin air, leaving behind a chilling void.
The swift and devastating demise of CBEX has now reignited crucial conversations across Nigeria regarding the critical need for enhanced financial literacy, stricter regulation of online investment platforms, and increased public awareness about the pervasive dangers of online investment scams. The Securities and Exchange Commission (SEC) has swiftly responded to the crisis, issuing a strong public statement invoking the recently enacted Investments and Securities Act, 2025 (ISA 2025). The SEC unequivocally declared that operating any online foreign exchange or digital asset investment platform within Nigeria without proper registration is now a criminal offense under the new law.
