What once looked like the perfect opportunity to escape financial struggle has become another chapter in Nigeria’s long history of digital deception. CBEX, a platform that dazzled users with promises of AI-powered wealth and easy returns, has collapsed, exposing thousands to painful losses and reigniting national conversations about scams, trust, and tech-fueled false hope.
Launched in mid-2024, CBEX, a misleading nod to the China Beijing Equity Exchange, positioned itself as a futuristic investment platform. It boasted AI-driven trading, sleek branding, and the tantalizing claim that users could double their money in just 30 days. But behind the sophisticated facade lay a familiar setup: a Ponzi scheme powered by social media, referral incentives, and fabricated activity.
Unlike the scams of old that thrived through word-of-mouth and physical meetups, CBEX thrived online, especially on Telegram. Users were rewarded for recruiting others and, in many cases, pressured into bringing in new participants just to access their own funds. Real-time dashboards simulated active trades, fueling the illusion of legitimacy.
By April 2025, that illusion crumbled.
Withdrawals were abruptly frozen. Balances disappeared. CBEX issued vague statements blaming “system upgrades” and “anti-money laundering investigations,” but by then, many users knew they’d been duped. Some even reported being asked to pay more money to release their trapped funds. Outrage spilled into the streets and social media. In Lagos and Ibadan, crowds stormed CBEX offices. Online, angry voices vented with hashtags, memes, and sharp-tongued commentary.
“You haven’t learned from MMM, Racksterli, and co. Don’t worry, another one will come, and you’ll fall for the same trick,” tweeted one user.
Another added soberly, “Anyone who promises you 100% ROI in 30 days is not helping you. They’re playing you.”
CBEX tried to control the narrative, urging users to “trust the process” and avoid panic. It posted upbeat videos claiming all funds were secure and promised a return to full operations by April 15. The date came. Nothing changed.
Nigeria’s Securities and Exchange Commission (SEC) stepped in with a clear warning: “If it is not registered, it is illegal.” While CBEX wasn’t named directly, the message landed. Under the new Investment and Securities Act (2025), platforms operating without SEC registration now face strict penalties, including jail time and financial sanctions.
But for many, the damage is already done. CBEX is now part of a long line of scams, from the wonder banks of the ‘80s to MMM and MBA Forex, that have drained Nigerian pockets and trust alike. The Nigeria Deposit Insurance Corporation (NDIC) estimates over ₦911 billion has been lost to Ponzi schemes between 1999 and 2022.
What keeps these schemes alive? The same dangerous mix: economic desperation, low financial literacy, and a culture eager for quick wins. CBEX didn’t just offer returns — it sold dreams, community, and a fast-track out of hardship.
But the lesson is clear: illusions, no matter how digital or dazzling, still collapse.
CBEX should be more than a trending topic or cautionary tale. It should mark a turning point. The country needs more than regulatory clampdowns; it needs a cultural shift toward financial education, critical thinking, and smarter decision-making. It’s time to stop mistaking risk for opportunity — and start demanding better.
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