A group of Nigerian youths stormed and looted the office of CBEX, a digital asset trading platform, located in the Oke Ado area of Ibadan. The incident occurred on Monday, April 14, 2025, and was captured in several videos circulating on social media.
The youths expressed their frustration over the recent shutdown of CBEX, which had reportedly blocked users from withdrawing their funds, leading to significant financial losses. In the videos, the agitated individuals can be seen entering the premises, overturning furniture, and taking items from the office.
CBEX, which had been operating as a cryptocurrency exchange platform, had attracted numerous Nigerian investors seeking to capitalize on the digital asset market. However, the company’s abrupt closure and the subsequent freezing of user accounts have left many individuals without access to their investments.
The Central Bank of Nigeria (CBN) had previously issued directives to financial institutions to close accounts associated with cryptocurrency transactions. In a circular dated February 5, 2021, the CBN ordered all Deposit Money Banks (DMBs), Non-Bank Financial Institutions (NBFIs), and Other Financial Institutions (OFIs) to identify and close accounts involved in cryptocurrency operations. The apex bank cited concerns over money laundering and terrorism financing as reasons for the ban citeturn0search3.
Despite the regulatory challenges, many Nigerians continued to engage in cryptocurrency trading, often through peer-to-peer platforms. The sudden shutdown of CBEX has intensified the anger among investors, leading to the violent protest in Ibadan.
Local authorities have yet to comment on the incident, and no arrests have been reported. The Nigerian government has urged citizens to exercise patience and seek legal avenues to address grievances related to financial investments.
This event highlights the growing tensions between digital asset investors and regulatory bodies in Nigeria. As the global financial landscape evolves, the need for clear and transparent regulations becomes increasingly critical to protect investors and maintain public trust in financial institutions.
