Angry Nigerians are turning to social media to describe how they have been locked out of their accounts on the digital financial platform, CBEX.<\/p>\n
People have posted videos of themselves crying, saying that they could not withdraw their investments and worried that their money had gone.<\/p>\n
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.<\/p>\n
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.<\/p>\n
One investor, identified as Ola, told BBC Pidgin that he feared he had lost 450,000 naira ($280; \u00a3210).<\/p>\n
“I was ready to withdraw all my investment just last week but my friend told me to be patient and wait – and now it has crashed,” Ola said.<\/p>\n
Many others have shared similar stories online, with one person talking about losing $16,000.<\/p>\n
The problem was first noticed over the weekend, but the anger boiled over when Monday came and people were still not able to access their money.<\/p>\n
Some investors who made complaints on the private messaging service Telegram received responses from CBEX.<\/p>\n
They were told that the problem was the result of a hack and things will be resolved soon.<\/p>\n
Nigeria’s Securities and Exchange Commission (Sec), which regulates the investment secotr, has not yet responded to a BBC request for comment. But Sec has previously warned citizens about the risks surrounding unregulated digital platforms and potential Ponzi schemes<\/p>\n
For some, the situation brings back painful memories from 2016 when another popular financial scheme, called MMM, froze its transactions, leaving many investors heartbroken.<\/p>\n
Members were supposed to receive a 30% return on their investment in just 30 days. It launched in Nigeria in November 2015 and according to its founders, had up to three million members before it collapsed.<\/p>\n Go to <\/em>BBCAfrica.com<\/em><\/a> for more news from the African continent.<\/em><\/p>\n Follow us on Twitter <\/em>@BBCAfrica<\/em><\/a>, on Facebook at <\/em>BBC Africa<\/em><\/a> or on Instagram at <\/em>bbcafrica<\/em><\/a><\/p>\n<\/div>\n<\/div>
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