By Ghazali Ibrahim
Chaos erupted in the Oke Ado area of Ibadan on Monday as a group of angry investors stormed the office of CBEX, a digital trading platform, following reports that the platform had suddenly crashed, wiping out users’ account balances.
BlackBox Nigeria earlier reported that the crypto platform crashed two days after journalist Chukwudi Iwuchukwu publicly raised alarm over there operations.
After the crash, reports shows that many Nigerians are in serious wailing as assets worth millions are being lost to the scheme.
According to reports, eyewitnesses reported that the crowd forcefully entered the CBEX premises, looting office equipment including tables, couches, and electronic devices.
Videos circulating on social media show dozens of individuals removing items from the building while others voiced their frustrations.
Not only Ibadan, there has been demonstration in some other parts of the country from angry investors.
The incident is believed to have been sparked by the platform’s unexpected collapse, which allegedly left many users with zero balances, sparking fears of a possible scam or financial mismanagement.
Some investors took to social media to share their anguish and recount the losses they incurred, with many calling for regulatory intervention and justice.
As of the time of this report, authorities have not released an official statement concerning the attack or the status of the CBEX platform.
It also remains unclear whether any arrests have been made in connection with the looting.
The situation has raised fresh concerns about the risks of unregulated digital investment platforms in Nigeria, where a growing number of people are turning to online schemes in search of quick returns.
However, In a statement on Sunday, the SEC clarified that, in accordance with the ISA 2025 recently signed by President Bola Ahmed Tinubu, it is now an offence for any entity to operate an online forex trading platform or provide related services without prior registration with the commission.
“By virtue of this Act, it is an offence in Nigeria for any entity that is not registered by the commission to carry out the business of online foreign exchange trading platforms or related services.
“Any business entity with the plan of setting up a business in any of this area is advised to visit the HOD DRM Department of the commission for further directive on how to register with the commission to avoid sanctions it added.
