The Nigeria Police and operatives of the Western Nigeria Security Network, popularly known as Amotekun, on Tuesday took control of the CBEX office located at Oke-Ado in Ibadan, following the reported collapse of the online investment platform.
The move comes less than 24 hours after news broke that the controversial platform had crashed, leaving thousands of investors — many of them residents of Ibadan — in shock and confusion. The crash triggered a wave of anger among victims, some of whom stormed the company’s office on Monday night, carting away valuables in protest.
By Tuesday morning, the building housing CBEX was under tight surveillance, with patrol vehicles from both the Nigeria Police and Amotekun strategically positioned around the premises to maintain order and prevent further damage.
The sudden crash of CBEX has thrown many residents into financial distress, as several people reportedly invested millions of naira into the platform, which promised quick returns on investment.
Eyewitnesses told our correspondent that tensions flared shortly after the news of the crash went viral on social media on Monday evening. Dozens of affected investors, angry and frustrated, converged at the company’s Oke-Ado office in search of answers — and in some cases, to recover what they could.
One witness, who gave his name as Tunde, said, “We heard yesterday that the company had crashed. A lot of people rushed down here. Some of them were shouting and crying. They forced their way into the office and took some things before the police came.”
He added, “Now you can see the police and Amotekun officers around the place. They want to prevent any fight or destruction.”
While details about CBEX’s operations remain sketchy, early investigations suggest the platform operated similarly to previous high-risk investment schemes that have caused massive losses for Nigerians in the past.
CBEX reportedly encouraged people to invest with promises of high daily or weekly returns, typical of Ponzi schemes. It allegedly gained popularity quickly in Ibadan and surrounding areas, especially through word-of-mouth and social media promotions.
Many residents say they were introduced to the scheme by friends and family who had seen early returns, a tactic often used in such operations to build trust and expand the investor base.
“I invested ₦500,000 because a friend told me she had doubled her money in a month,” said one distraught woman who declined to give her name. “Now the site is not working, and their office is locked. I don’t know what to do.”
The presence of security operatives at the CBEX office is part of efforts to prevent chaos as public outrage grows. Officers were seen securing the area while trying to maintain calm among small groups of people who gathered to confirm the situation.
According to local residents, police patrols began early Tuesday morning, and Amotekun joined shortly after. Authorities have not yet released an official statement on the matter.
However, sources within the police told our reporter that the security presence was necessary to prevent a potential breakdown of law and order, given the number of people affected by the crash.
“There’s a lot of tension,” one officer said. “We’re here to make sure things don’t get out of hand. The matter is being investigated.”
CBEX is the latest in a growing list of investment schemes that have collapsed in Nigeria, leaving many citizens — particularly low and middle-income earners — counting heavy losses.
From MMM in 2016 to more recent platforms like MBA Forex and Racksterli, these schemes often operate outside regulatory oversight and disappear once the flow of new investors slows down.
For now, there is uncertainty over whether victims will be able to recover any of their money. With the company’s operations offline and no known spokesperson available, many are left in the dark.
Some victims are calling on the Economic and Financial Crimes Commission (EFCC) and other financial regulators to step in and investigate the platform’s activities. There are also calls for the arrest of the founders or promoters of CBEX, though their identities remain unclear.
“Some of us used our life savings,” said a middle-aged man who identified himself as Mr. Kareem. “This is wickedness. The government must find the people behind this.”
Meanwhile, legal experts have noted that without proper documentation or regulatory registration, it may be difficult to pursue compensation.
Barrister Abiola Adetola, a legal practitioner based in Ibadan, advised victims to quickly report the incident to the police and relevant financial authorities.
“The more people come forward with their claims, the better the chances of tracking those responsible,” she said. “But sadly, recovery in cases like this is often limited unless assets are frozen quickly.”
The CBEX incident serves as yet another reminder of the risks involved in unregulated online investments. While the allure of fast money continues to tempt many Nigerians, especially in challenging economic times, the aftermath can be devastating.
As the investigation into CBEX continues, residents of Ibadan — and indeed Nigerians across the country — are being urged to exercise caution and verify any investment offer before committing funds.
For now, the CBEX office remains under lock and key, guarded by security forces.
