CBEX Sets Verification Deadline, Nigerian Investors Rush to Deposit Additional $100, $200

• In a surprising development, some Nigerian investors on CBEX have reportedly begun making additional deposits
• This follows a post from the company in its Telegram group, setting a deadline for account verification."
• The post warns that failure to verify accounts will result in permanent loss of funds, prompting some users to respond in hopes of regaining access

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

Some Nigerian investors have reportedly started making additional $100 and $200 deposits to CBEX, in hopes of regaining access to their funds.

CBEX, an investment platform that claims to give 100% Returns in 30 days, restricted withdrawals on April 9, 2025.

Subsequently, it sent a message to the investors to make additional deposits to the wallet as part of a verification process to authenticate ownership.

The message read;

“All accounts need to undergo the following verification steps to ensure their authenticity. 1. For accounts with funds below $1,000 before any losses, a deposit of $100 is required. 2. 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.”

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The message met with an uproar on social media, as investors claimed that all wallet balances had reverted to $0.00.

One investor claimed to have invested N480,000 ($300) into the platform, which was to have been her school fees. She confirmed that her wallet balance had reverted to $0 as well.

A man, Ub Edem Uman, who predicted in March that the online investment platform would soon crash, has since gone viral.

Nigerians rush to pay as CBEX releases verification deadline

An X user @NdFrek warned that the platform is a Ponzi scheme and is just in the final stages before crashing.

“The first step a ponzi scheme takes before its inevitable crash is to restrict withdrawals. The second step is when they tell you to invest a little more before you can withdraw. The final step is when you try to check the website & you see "under maintenance. CBEX is on Step 1”

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CBEX crash: 3 Nigerians cry out after losing N9 million, school fees to platform, videos trend

However, a new update seen on X shows that some users have started making the required payment in the hopes of accessing the money.

The post read;

"Update: Nigerian hopefuls have started paying the $100 and $200 to CBEX for “account verification”. Because, anyone who doesn’t pay before 17th, will be flagged and their account deleted without compensation."

Obvious collapse of CBEX

​The collapse of CBEX has left thousands devastated. Promising 100% monthly returns, it attracted numerous investors who now face empty accounts and financial ruin.

Angry victims have resorted to protests and looting CBEX offices in Lagos and Ibadan in frustration.

The Economic and Financial Crimes Commission (EFCC) has initiated investigations and is collaborating with international agencies to recover the lost funds.

This incident underscores the urgent need for financial literacy and regulatory oversight to protect Nigerians from fraudulent schemes.​

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An attached image showed that one investor, identified as Ola Dabira, was threatening to take her life as she claimed she did not have any means of raising $100 to pay.

Some X users described this move as "the final cashout", "second billing" and as a "sendoff payment to CBEX".

One user, @Ola_ayeni_ said;

"It's still the rob Peter to pay Paul racket that pyramid ponzi schemes employ. It's said."

Lawyer speaks on CBEX Investment Platform

Timi Agbaje, a lawyer and content creator known for making legal-related content, has brought the legal perspective to the matter.

Agbaje blamed investors for going ahead to invest in CBEX, a platform that was neither registered nor regulaed by the Securities and Exchange Commission (SEC).

He said;

"Many of you have dedicated your life to escaping poverty through shortcuts, that is to say you want to use back door to become Bill Gates."

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CBEX: Expert's guide to withdrawing your money amid investment platform’s Collapse

FG bans online forex trading platforms, others

In related news, Legit.ng reported that President Bola Tinubu signed the Investments and Securities Act 2025 into law.

This law introduced several reforms, including a ban on online foreign exchange (forex) trading platforms and other online investment platforms.

The SEC warned Nigerian investors to ensure that they only invest with registered and regulated bodies.

This article has been updated by head of business desk, Victor Enengedi, with additional information.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng