Tension Mounts as CBEX Users Storm Offices Amid Withdrawal Freeze, Ibadan Branch Reportedly Looted

Panic and outrage have gripped users of CBEX, a controversial investment platform, following reports of frozen withdrawals and unresponsive customer support. In what appears to be a growing crisis, frustrated investors stormed the company’s offices in Lagos and Ibadan, demanding answers about their funds. The situation escalated further when CBEX’s Ibadan office was reportedly looted by angry users who claim to have lost access to their savings and profits.

CBEX, which claims to offer daily returns through crypto and blockchain-related investments, had earlier released a notice announcing a temporary suspension of withdrawals, blaming “technical upgrades” and promising resumption by April 15. However, this move did little to reassure its thousands of Nigerian users, many of whom are already labeling the platform as another Ponzi scheme in disguise.

Eyewitnesses from the Ibadan office report scenes of chaos as some users, feeling scammed, vandalized the office and carted away equipment. In Lagos, particularly at the Ikeja branch, security presence was heightened as a crowd gathered demanding their money.

Despite mounting pressure and negative media coverage, CBEX management insists the platform is not crashing and has urged users to avoid panic and misinformation. In a recent update, they warned against impersonators and fake social media accounts fueling the crisis.

Meanwhile, watchdogs and crypto analysts are urging caution. Several fintech observers have pointed out the red flags in CBEX’s business model, with parallels being drawn to failed schemes such as MBA Forex and Chinmark Group.

As April 15 approaches—the date CBEX claims it will resume withdrawals—Nigerians are holding their breath, watching closely to see if the company will make good on its promise or go the way of countless collapsed platforms before it.