The CBEX investment scam, which defrauded Nigerians of over ₦1.3 trillion, has sparked outrage after a woman lost her life savings. The EFCC is investigating the fraud, warning of growing digital Ponzi schemes. Public reactions call for accountability, financial education, and stronger regulation to prevent future exploitation.
The collapse of CryptoBank Exchange (CBEX), a digital investment platform at the center of a ₦1.3 trillion fraud scandal, has sparked widespread grief and outrage across Nigeria. In a widely shared video, a woman was seen weeping outside a CBEX office after losing her entire life savings earned while working in Libya. Her heartbreaking story has become a poignant symbol of the emotional and financial devastation caused by the scheme.
Reactions have poured in across social media, highlighting a mixture of empathy, frustration, and calls for accountability. While some called for compassion toward victims of the scam, others criticized the growing reliance on high-risk, unregulated investment platforms. Many pointed to Nigeria’s history with fraudulent schemes, warning that similar patterns continue to emerge despite past lessons.
The Economic and Financial Crimes Commission (EFCC) has confirmed it is investigating the CBEX case and is actively working with international partners like Interpol to bring the perpetrators to justice. Officials have emphasized that the agency had previously warned the public about CBEX and other questionable schemes, urging Nigerians to verify investment opportunities before committing funds.
