A wave of anger and heartbreak has swept across Nigeria as CBEX, a once-hyped digital investment platform, has abruptly shut down, leaving thousands of investors stranded and penniless.
Dubbed by many online as the “MMM Pro Max,” CBEX had promised its users a 100% return on investments in just one month—an offer too tempting for many to ignore.
The crash triggered chaos on Monday evening in Ibadan, Oyo State, where frustrated investors descended on the company’s office in Oke-Ado.
What began as a protest soon escalated into a frenzy, with some individuals looting office property in a desperate expression of their loss.
Among the voices rising from the turmoil is that of Bolarinwa, a Nigerian woman whose story has gone viral.
Speaking emotionally in Pidgin English, she recounted how she sank all her savings—and borrowed money from friends—into CBEX, hoping it would be her ticket to stability after returning from years of struggle in Libya.
“I work for Libya, no job, na fight full there… I come back with small money,” she said.
“My neighbor tell me say this platform dey double your money. I borrow, I add my own, na $1,200 in total. Now, e don vanish.”
Though initially skeptical, Bolarinwa said she was swayed by testimonies from people around her who claimed they had doubled their money through the platform.
Peer pressure, combined with desperation, led her to take the leap.
CBEX operated in U.S. dollars and marketed itself as a digital trading hub with fast, guaranteed returns.
But like many Ponzi schemes before it, the platform vanished almost overnight.
Users reported being unable to access their accounts or withdraw funds, only to discover later that their balances had been wiped clean.
The scandal has sparked renewed concern over the vulnerability of everyday Nigerians to fraudulent online investment schemes and the need for stronger oversight in the digital financial space.
In response to the uproar, the Securities and Exchange Commission (SEC) issued a warning, referencing the newly enacted Investments and Securities Act, 2025 (ISA 2025).
The Act criminalizes unlicensed operation of online foreign exchange and digital asset platforms in Nigeria.
“Under this new law, it is illegal for any platform not registered with the Commission to engage in such investment activities,” the SEC stated in a press release.
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SEC Director General, Dr. Emomotimi Agama, hailed ISA 2025 as a turning point in protecting Nigerian investors.
“We encourage innovation in financial markets, but it must happen within a regulated environment,” Agama said.
“This law gives us the tools to shut down fraudulent operations before they spiral out of control.”
The SEC also issued a stern warning to Ponzi scheme operators, noting that those found guilty under the new law could face fines starting from N20 million and prison terms of 10 years or more.
