Nigerians Lose ₦1.3 Trillion to CBEX Scam

By Tgnews

Reports have emerged of multiple suicides linked to the collapse of the CBEX investment platform, which allegedly scammed thousands of Nigerians out of over ₦1.3 trillion. The platform promised investors an astonishing 100% return on their investments within just 30 days, luring many with its seemingly irresistible offer.

I believed in CBEX. I thought I could secure my future

Some investors confirmed that the platform, which gained massive traction over the past year, has vanished along with the funds of countless individuals who trusted its promises. As news of the scam spread, despair has gripped communities across the nation.

Victims have expressed their outrage and heartbreak, describing the emotional toll of the scam. “I believed in CBEX. I thought I could secure my future,” said a victim, who lost undisclosed amount of money believing to be in dollars.

The Nigerian police force has launched an investigation into the matter, but many are skeptical about the possibility of recovering their lost funds or bringing those responsible to justice. Experts have warned that the case highlights the need for greater regulatory oversight in the financial sector to protect vulnerable investors from fraudulent schemes.

We need stricter regulations and public awareness campaigns to educate citizens on how to identify and avoid scams

“These platforms prey on people’s hopes and dreams, especially in difficult economic times,” said Nwaeke, an economist and financial advisor. “We need stricter regulations and public awareness campaigns to educate citizens on how to identify and avoid scams.”