CBEX accounts in Nigeria: People fear savings lost as investment app freezes them out

People share videos of themselves crying, saying that they cannot withdraw their money on CBEX.

British Broadcasting CorporationWatch LiveHomeNewsSportBusinessInnovationCultureArtsTravelEarthAudioVideoLiveHomeNewsIsrael-Gaza WarWar in UkraineUS & CanadaUKUK PoliticsEnglandN. IrelandN. Ireland PoliticsScotlandScotland PoliticsWalesWales PoliticsAfricaAsiaChinaIndiaAustraliaEuropeLatin AmericaMiddle EastIn PicturesBBC InDepthBBC VerifySportBusinessExecutive LoungeTechnology of BusinessFuture of BusinessInnovationTechnologyScience & HealthArtificial IntelligenceAI v the MindCultureFilm & TVMusicArt & DesignStyleBooksEntertainment NewsArtsArts in MotionTravelDestinationsAfricaAntarcticaAsiaAustralia and PacificCaribbean & BermudaCentral AmericaEuropeMiddle EastNorth AmericaSouth AmericaWorld’s TableCulture & ExperiencesAdventuresThe SpeciaListEarthNatural WondersWeather & ScienceClimate SolutionsSustainable BusinessGreen LivingAudioPodcastsRadioAudio FAQsVideoLiveLive NewsLive SportHomeNewsSportBusinessInnovationCultureArtsTravelEarthAudioVideoLiveWeatherNewslettersNigerians fear savings lost as investment app freezes them out1 day agoShareSaveMansur AbubakarBBC NewsShareSaveGetty ImagesInvestors were attracted by the promise of high interest ratesAngry Nigerians are turning to social media to describe how they have been locked out of their accounts on the digital financial platform, CBEX.

People have posted videos of themselves crying, saying that they could not withdraw their investments and worried that their money had gone.

Some furious customers ransacked a CBEX office in the south-west city of Ibadan, carting off chairs, air-conditioners and a solar panel. CBEX has not yet publicly commented.

The company had promised that investors would double their money every month. Nigeria is currently facing straitened economic times and many are desperate to find a way to boost their income.

One investor, identified as Ola, told BBC Pidgin that he feared he had lost 450,000 naira ($280; £210).

https://www.bbc.com/news/articles/cx2w9v91je1o

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