HomeNewsOver 1,000 Investors Stormed CBEX Office Over Lost Investments

Over 1,000 Investors Stormed CBEX Office Over Lost Investments

Published on


KEY POINTS


  • Over 1,000 investors stormed CBEX’s Lagos office over lost funds.

  • The SEC has warned that unregistered platforms are illegal in Nigeria.

  • Many victims used loans to invest in CBEX, losing large sums.


On Wednesday, irate investors stormed the Crypto Bridge Exchange Smart-Treasures (CBEX) office in Lagos.

The investors, who had lost money on the platform, broke into the premises in search of officials. CBEX had been promising users 100% returns on their investments but had crashed.

The office, located in the Egbeda-Idimu area of Lagos, was deserted when investors arrived. Armed police arrived later to secure the area and maintain order.

Investors voice frustration over huge losses

According to Vanguard, one investor, Mr. Segun, described his confusion after joining the platform. He invested $1,700 (about N1.7 million) after hearing of high returns.

Segun explained that CBEX had displayed certificates and operated seminars, creating trust. Other investors also shared their frustrations, stating they lost tens of thousands of dollars.

Some reported financial ruin, with a victim even dying from the shock. Many used loans to invest, only to be left with nothing.

Legal and regulatory responses to CBEX collapse

The Securities and Exchange Commission (SEC) had warned that unregistered digital asset exchanges were illegal in Nigeria.

The SEC reiterated that any entity not registered with the commission could face legal consequences. While CBEX had promised transparency, the recent crash exposed a Ponzi scheme.

The Securities and Exchange Commission has since emphasised the importance of registration to protect investors.

Latest articles

Obi Tells Police: Release Sowore Or Charge Him to Court

Peter Obi demands that police either release Sowore or formally charge him immediately to uphold legal rights.

Presidency Dismisses Cadre Harmonisé Hunger Projections

Presidency pushes back against reports of collapse, says Cadre Harmonisé hunger figures are projections and reforms are already underway.

WAEC Faces Backlash Over Exam Result Glitches

Technical errors in WAEC’s 2025 WASSCE trigger nationwide anger as unions demand accountability and question plans for full CBT transition.

Itodo Slams Premature Campaigns, Urges Stiffer Sanctions

Samson Itodo warns premature campaigns erode governance, urging tougher sanctions to deter political actors ahead of Nigeria’s 2027 elections.

More like this

Obi Tells Police: Release Sowore Or Charge Him to Court

Peter Obi demands that police either release Sowore or formally charge him immediately to uphold legal rights.

Presidency Dismisses Cadre Harmonisé Hunger Projections

Presidency pushes back against reports of collapse, says Cadre Harmonisé hunger figures are projections and reforms are already underway.

WAEC Faces Backlash Over Exam Result Glitches

Technical errors in WAEC’s 2025 WASSCE trigger nationwide anger as unions demand accountability and question plans for full CBT transition.