A group of enraged individuals believed to be investors in CBEX, a digital trading platform, stormed and looted the company’s office in the Oke Ado area of Ibadan, Oyo State, following the sudden crash of the platform that left many users with zero balances in their accounts.
The incident, which occurred on Monday, was triggered by widespread financial losses and frustration after the platform allegedly became inaccessible, sparking fears that users’ funds had been lost.
Eyewitness videos circulating on social media showed a large crowd forcibly entering the premises, carting away office equipment and furniture. The atmosphere was chaotic, with some individuals seen removing items from the building as onlookers recorded the scene.
No official statement has been released by the authorities as of press time, and it remains unclear whether any arrests have been made in connection with the looting.
Several affected users took to social media to vent their anger and share heartbreaking stories of losing substantial amounts of money they had invested in CBEX. Many demanded immediate answers from the platform’s operators, alleging deception and fraudulent practices.
CBEX had marketed itself as a secure and transparent digital trading platform, drawing thousands of users with promises of high returns on investments. However, the platform’s sudden collapse has raised serious concerns about its legitimacy.
Reports suggest the operational model of CBEX is now under scrutiny, with allegations of it operating as a Ponzi scheme gaining traction online. The development has sparked renewed calls for tighter regulations on digital investment platforms in Nigeria.
In response to the growing prevalence of such platforms, the Securities and Exchange Commission (SEC) had previously warned the public to exercise caution and avoid unregistered investment schemes.
The situation in Ibadan remains tense as affected investors continue to seek answers and possible legal recourse.
