Fears of CBEX Crashing Trigger Looting of Offices in Ibadan, Others

This followed news that the company has shut down its services, with funds of several investors trapped.

Last week, there were speculations that CBEX has crashed following the inability of members to withdraw their funds.

The company quickly dispelled this, noting that it locked the wallets of its investors because of the bonuses gifted members, which must be used for trading before withdrawal.

CBEX, thereafter, assured that from Tuesday, April 15, 2025, members of the Ponzi scheme would be able to withdraw their funds without ease.

However, on Monday, it was gathered that funds in the accounts of investors were wiped off, with a notice to members that they would only be access their money upon the payment of a reactivation fee, a similar pattern of other defunct operators.

“All accounts need to undergo the following verification steps to ensure their authenticity.

“For accounts with funds below $1,000 before any losses, a deposit of $100 is required.

“For accounts with funds exceeding $1,000, a deposit of $200 is required.

“Additionally, please keep your deposit receipts to ensure you can prove the authenticity of the account during future withdrawal reviews,” the message from CBEX stated.

This development shattered the hopes of some investors, triggering a looting spree of the company’s offices.

Some videos of the internet showed moments some irate youth stormed the Ibadan office of the organisation, carting away with some valuables, including office items and others.

Many Nigerians have expressed shock at the level of acceptance of the Ponzi scheme in the country despite the harrowing experience of MMM some years ago.

Business Post reports that some weeks ago, a similar Ponzi scheme operator, Cheersway, went away with investors’ funds after it claimed its platform was hacked.

Just like CBEX, it asked members to pay a reactivation fee of their exact level, which ranges from $50, $150, $400, and $1,000, to have access to their money, but most of those who paid were never granted any access until the company folded up.

Also, those who invested in a new investment vehicle it came up with, TikTok Shop, could not receive their capital and return-on-investment as promised.

It later assured investors that it would move them to a new company established last month known as C&P Capital, noting that they would get their funds back after the new organisation makes profit, probably after two years of operations.