Security operatives from the Nigeria Police Force and the Western Nigeria Security Network, codenamed Amotekun, on Tuesday, took over the premises of CBEX, an online investment platform, following a reported crash that left investors in disarray.
The CBEX office, located in the Oke-Ado area of Ibadan, Oyo State, came under heavy security surveillance after some enraged investors stormed the building on Monday evening, allegedly carting away valuables in protest over the sudden disappearance of their funds.
According to reports, the financial platform announced a crash on Monday, triggering panic among users. Scores of Ibadan residents are believed to have invested millions of naira in the platform, many of whom claimed to have lost their life savings.
When The PUNCH visited the area on Tuesday, multiple patrol vehicles belonging to both the police and Amotekun were seen stationed strategically around the CBEX office, deterring further unrest.
An eyewitness who spoke under anonymity said, “The crash of the online platform was announced yesterday. That’s what prompted many of those who invested in the scheme to storm the office to express their displeasure.”
As of press time, efforts to reach the Oyo State Police Public Relations Officer, Adewale Osifeso, were unsuccessful, but security presence remained heavy in the area to prevent a breakdown of law and order.
The incident follows growing public outrage over the alleged mismanagement of funds by CBEX, with many users sharing emotional testimonies online about losing millions. Videos circulating on social media show some Nigerian women in tears, lamenting their losses.
CBEX had reportedly attracted thousands of investors with promises of high returns through its online trading platform. The platform’s sudden crash and lack of transparency have raised questions about regulation in Nigeria’s online financial investment space.
More details are expected to emerge as investigations continue.
