Aggrieved ‘investors’ loot CBEX Ibadan office after losing access to funds

Angry investors looted the CBEX crypto trading platform’s Ibadan office on Monday April 14, 2025 after losing access to their funds.

Eyewitnesses confirmed that the crowd stormed the Smart Treasure (ST Team) branch in the Oke Ado area, destroying properties and carting away office items.

Viral videos on social media showed individuals forcefully entering the building, removing air conditioners, office furniture, and other valuables.

The CBEX platform had earlier promised users a 100 percent return on investments but began showing signs of failure last weekend.

By Saturday, several investors complained that they could no longer withdraw money from their digital wallets.

Despite the complaints, the company posted a video on its X page urging users to remain calm and announcing new updates.

However, the assurance did little to pacify the crowd.

On Monday, hours after the Ibadan office was looted, CBEX announced that it had started verifying accounts for compensation.

“To verify, users with $1,000 or less must deposit $100,” CBEX wrote on its official X account. “Those with more than $1,000 must deposit $200.”

CBEX instructed users to save transaction screenshots as proof for verification during the withdrawal phase.

It also suspended all withdrawal applications until April 17, 11:59 pm UK time.

CBEX promised to process compensation 24 hours after users complete their deposit verifications.

The platform warned that accounts not verified before the deadline would face permanent bans for alleged fraud.

On March 15, the EFCC had already warned Nigerians against dealing with 58 unlicensed Ponzi operators, including CBEX.

The EFCC urged citizens to avoid these illegal schemes which have defrauded thousands.

Under the new Investment and Securities Act 2025 signed by President Bola Tinubu, such operators now face at least N20 million in fines, 10 years imprisonment, or both.

Authorities have yet to release an official police statement regarding the Ibadan incident.

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