Nigerians React as Investors Storm CBEX Office, Cart Away With Items
- The office of Smart Treasure, a division of the CBEX cryptocurrency trading platform, has apparently been looted by irate "investors."
- The investors were observed breaking into the business's buildings and removing items including office supplies and air conditioners
- Many posters on X claim that the CBEX, which promises investors a 100% return on investment, began experiencing problems last weekend
Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Aggrieved ‘investors’ have reportedly ransacked the office of Smart Treasure (ST Team), an arm of the CBEX crypto trading platform, in the Oke Ado axis of Ibadan, the Oyo state capital.
Source: Getty Images
In various videos circulating on social media, the investors were seen breaking into the company’s facilities, hauling away goods such as air conditioners and office equipment.
The incident may have happened on Monday night when consumers lost access to their money, even though the police have not yet issued an official statement.
CBEX, which promised investors a 100 percent return on investment, started having issues last weekend, according to many posts on X.
Many users started reporting that they were unable to withdraw their money by Saturday, according to the reports.
In a video posted on its X page, the company announced fresh platform enhancements and asked investors not to panic.
Following the incident, the CBEX announced on Monday that it has begun confirming all accounts to reimburse users.
“To complete verification, users with account funds below or equal to $1000 need to deposit $100,” the platform said on X.
“If account funds > $1000: You need to deposit $200 to complete the verification. Save deposit proof: After completing the deposit, please be sure to save your deposit proof (such as a screenshot of the transaction record) for subsequent verification during withdrawal.
“Until April 17, 23:59 UK time), all withdrawal applications for accounts will be suspended. Once the compensation concludes, accounts meeting the trading volume requirements can withdraw normally.”
Subsequently, the CBEX stated that users will get their money back within a day after finishing the verification procedure.
Additionally, the cryptocurrency company issued a warning, stating that any account that does not verify by 11:59 p.m. UK time on April 17 will be flagged as fraudulent and banned indefinitely.
The Economic and Financial Crimes Commission (EFCC) warned the public on March 15 about 58 businesses in Nigeria that were running illicit Ponzi schemes and advised them to avoid them.
Operators of such illicit investment schemes face a minimum punishment of N20 million, ten years in prison, or both under the recently approved Investments and Securities Act (ISA) 2025, which was signed by President Bola Tinubu.
How Nigerians are reacting on X
@SirFearlessss said,
"Everything for Nigeria na scam. From govt to telecommunication, to judiciary, to pharmaceutical companies, to the banking system, to Aviation, to our education system, to trading platform, to Ponzi scheme, to U and I are all scammers."
"Na only air wey we dey breath nor be scam."
@xanders101 stated,
"There isn't anything there to loot. Their monies are gone, gone forever."
@macfortune1
"How were they able to operate with an office and none of the regulatory agencies was able to ask questions…they operated for months…were they really licensed?…Mehn alot of things is wrong in Nigeria."
@macfortune1
"The loots are not even up to 1% of what they took away….when another one comes out,people will still invest…foolish people"
@Otunbacashogy2 said,
"Ignorant folks, what are they looting compared to money lost."
Source: Getty Images
@tobbie_seifawa noted,
"This clearly shows bad governance and a lack of a strong economy, as it begs the question of why people would fall for such shady schemes."
@FloraAcetyra stated,
"People keep learning the hard way-if it's not registered, it's not protected."
SEC advises ponzi scheme operators
Legit.ng reported that President Bola Ahmed Tinubu, on March 29, finally assented to the Investments and Securities Act (ISA) 2025.
By signing the Investment and Securities bill (2025) into law, the Investment and Securities Act No. 29 of 2007 is hereby repealed and replaced by the Investments and Securities Act 2025.
The new ISA recommends stiffer penalties for operators of illegal investment schemes and Ponzi operators, and the Securities and Exchange Commission (SEC) has stated that it will ensure full enforcement.
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Source: Legit.ng
