CBEX Resumes Operations in Nigeria Amid Skepticism: A Deep Dive into the X Post and Public Reaction

On May 1, 2025, CBEX, a digital financial platform in Nigeria, has reportedly restarted its operations.

This announcement, accompanied by an image featuring the CBEX logo and a man holding a smartphone, reignited conversations across the platform.

However, the news was met with heavy skepticism, as many Nigerians recalled the platform's troubled history. CBEX had previously locked users out of their accounts, prompting allegations of it being a Ponzi scheme.

This development, coupled with an ongoing investigation by the Economic and Financial Crimes Commission (EFCC), has left the public wary of the platform's intentions.

The Naija_PR post quickly gained traction, amassing replies that reflected a mix of humor, frustration, and disbelief.

Nigerians, familiar with the platform’s past issues, expressed their doubts openly. For context, CBEX had faced significant backlash in April 2025 when users found themselves unable to access their funds.

Reports from that time, such as an article by Tribune Online on April 11, 2025, highlighted how the platform required users to make additional deposits to regain access to their accounts—a move that fueled suspicions of fraudulent practices.

Many labeled CBEX a Ponzi scheme, a type of scam where returns for earlier investors are paid using funds from new investors, often leading to a collapse when new investments dry up.

Despite these red flags, CBEX’s decision to resume operations has been bold. According to a report by Legit.ng on May 1, 2025, the platform is now offering enticing bonuses and promising seamless withdrawals to attract new investors.

This move, however, comes while the EFCC continues its probe into CBEX’s activities.

The investigation was triggered by allegations that the platform defrauded thousands of investors, with some estimates suggesting losses of up to $800 million, as noted in a Coingeek article from April 23, 2025.

The EFCC has reportedly declared eight suspects wanted in connection with the scam, while one promoter has turned himself in for questioning.

Against this backdrop, CBEX’s promise of easy withdrawals for new users—while old investors remain unable to access their funds pending the investigation—has only deepened public mistrust.

The replies to Naija_PR’s post paint a vivid picture of this skepticism. Users like Cleverlydey4u warned that Nigerians might still fall for the scheme, only to see the platform “pack their money and run” again. Winifunds, with a humorous tone, suggested rushing to withdraw funds, accompanied by a meme of a grinning character in a suit.

Others, like Mior___, shared similar sentiments, predicting that Nigerians would “go again” despite the risks. Stepup____ called the resumption a “mistake,” arguing that it could lead to a rapid collapse as users rush to withdraw their money, while Chi ❤️ lamented that such schemes reflect poorly on Nigerians, diminishing the government’s regard for its citizens.

This public reaction echoes a broader historical context in Nigeria, where Ponzi schemes have repeatedly left investors burned.

The MMM scheme, which collapsed in 2016-2017 after freezing transactions, serves as a cautionary tale.

A BBC report from December 16, 2016, detailed how MMM lured Nigerians with promises of high returns, only to leave many unable to recover their savings.

The parallels with CBEX are striking, and the collective memory of such financial scams has made Nigerians cautious—yet, as some X users noted, greed might still drive others to take the risk.

CBEX’s return has sparked a heated debate on X, with Naija_PR’s post serving as a lightning rod for public sentiment.

While the platform attempts to rebuild trust with promises of bonuses and easy withdrawals, the shadow of its past actions and the ongoing EFCC investigation loom large.

Nigerians, scarred by previous financial schemes, remain deeply skeptical, and the consensus on X is clear: CBEX’s resumption might be more of a trap than an opportunity.