Thousands of Nigerians have been left devastated following the alleged collapse of CBEX, a digital investment platform accused of defrauding users of over N1.3 trillion in a suspected Ponzi scheme.
Investors, mostly women, were seen in viral videos weeping after discovering their accounts had been wiped clean, with many unable to access the platform.
CBEX reportedly promised a 100% return on dollar investments within a month before crashing without warning.
The Central Bank of Nigeria had previously warned against unregulated schemes, but CBEX still attracted a massive following.
Efforts to reach platform representatives have been unsuccessful as calls grow for financial literacy and stricter regulatory oversight.
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