Thousands of Nigerians have been left devastated following the alleged collapse of CBEX, a digital investment platform accused of defrauding users of over N1.3 trillion in a suspected Ponzi scheme.

Investors, mostly women, were seen in viral videos weeping after discovering their accounts had been wiped clean, with many unable to access the platform.

CBEX reportedly promised a 100% return on dollar investments within a month before crashing without warning.

The Central Bank of Nigeria had previously warned against unregulated schemes, but CBEX still attracted a massive following.

Efforts to reach platform representatives have been unsuccessful as calls grow for financial literacy and stricter regulatory oversight.

Thousands of Nigerians have been left devastated following the alleged collapse of CBEX, a digital investment platform accused of defrauding users of over N1.3 trillion in a suspected Ponzi scheme.

Investors, mostly women, were seen in viral videos weeping after discovering their accounts had been wiped clean, with many unable to access the platform.

CBEX reportedly promised a 100% return on dollar investments within a month before crashing without warning.

The Central Bank of Nigeria had previously warned against unregulated schemes, but CBEX still attracted a massive following.

Efforts to reach platform representatives have been unsuccessful as calls grow for financial literacy and stricter regulatory oversight.