By Prosper Mene, April 16, 2025
Nigerian women, struggling with mounting economic hardship, are reeling from significant financial losses due to a fraudulent investment platform known as CBEX, which has locked thousands of users out of their accounts. The app, which lured investors with promises of high returns, up to 60% in three months, has sparked widespread outrage on social media, with women among the hardest hit as they struggle to recover life savings amid Nigeriaโs broader economic challenges.
CBEX, marketed as a legitimate crypto-trading platform, gained fame among Nigerians seeking financial relief in an economy battered by inflation rates hovering around 33% and a weakened naira. Many women, including single mothers, petty traders, and small-scale entrepreneurs, invested their savings, hoping to secure a better future. However, since early March 2025, users have reported being unable to access their funds, with the platformโs customer service channels going silent. โI invested โฆ250,000, my entire savings from my tailoring business,โ said Amina Yusuf, a 38-year-old mother of three from Lagos. โNow, I canโt even feed my children properly.โ
Posts on social media have amplified the publicโs frustration, with hashtags like #CBEXScam and #ReturnOurMoney trending as victims share screenshots of locked accounts and unfulfilled withdrawal requests. One user, @NgoziBlessing
, posted, โCBEX took my โฆ180,000 meant for my shop rent. How do I survive now?โ The outcry has drawn attention to the plight of women, who often bear the brunt of economic instability due to limited access to formal financial systems and safety nets.
The Securities and Exchange Commission (SEC) has yet to issue a statement on CBEX, despite its mandate to regulate investment platforms. This silence has fueled accusations of regulatory negligence, with victims demanding accountability. โThe SEC should have flagged CBEX before it got this bad,โ said Chidinma Okeke, a financial literacy advocate in Abuja. โWomen are losing everything because no one is protecting us.โ The absence of a response mirrors broader systemic issues, as Nigeriaโs economic downturnโmarked by fuel subsidy removal and rising food pricesโcontinues to disproportionately affect women.
CBEXโs website, now inaccessible, previously claimed registration with global financial authorities, a claim now widely disputed. Preliminary investigations by The Punch suggest the platform may be linked to unregistered offshore entities, a common tactic used in Ponzi-like schemes targeting vulnerable populations. The scamโs scale remains unclear, but estimates from social media posts indicate losses in the tens of millions of naira, with women making up a significant portion of victims due to targeted marketing on platforms like WhatsApp and Instagram.
Womenโs groups, including the Nigerian Women in Business Network, have called for urgent government intervention, urging the SEC and the Economic and Financial Crimes Commission (EFCC) to investigate CBEX and similar platforms. โThis is not just a scam; itโs an attack on the economic survival of Nigerian women,โ said Funmi Adeyemi, the networkโs spokesperson. They have also advocated for stronger financial literacy programs to empower women against predatory schemes.
The CBEX scandal is a window to the broader economic struggles facing Nigerians women, who face unemployment rates of over 40% in some regions and limited access to credit. As inflation erodes purchasing power, many turned to high-risk investments like CBEX out of desperation. โWe thought it was our way out,โ said Esther Okonkwo, a vegetable seller in Onitsha who lost โฆ100,000. โNow, weโre worse off than before.โ
While the public awaits regulatory action, victims are organizing online and offline to demand justice, with some planning a protest at the SECโs Abuja headquarters next week. The CBEX scam has not only shattered financial dreams but also highlighted the urgent need for stronger protections for Nigerian women navigating an increasingly precarious economic landscape.
