Looting Occurs in Ibadan Office of CBEX Following Suspected Investment Scam

Irate investors filled the Oke Ado area of Ibadan on Monday in a state of tension as they stormed the office of CBEX, a computer investment and trading website, in fury over the failure of the company and inability to refund customers’ funds. The protest later turned to looting as valuables and assets in the office were removed.

The commotion began early in the morning after news spread that CBEX shut down its operations without warning and locked customers’ accounts, leaving numerous investors unable to get their money out. Mid-morning saw a crowd gathered outside the CBEX office demanding explanation and refund of their money.

Things went bad when the protesters broke into the building. Footage of the riotous scenes was posted all over social media where individuals were seen looting office chairs, electronics, and documents. Screams of anger filled the videos as the people claimed that they had invested their entire life savings in the firm.

CBEX, which was well known for paying large returns on forex and crypto trades, gained popularity in the nation over the past year. But its operations were not duly licensed by the Securities and Exchange Commission (SEC) or the Central Bank of Nigeria (CBN), which raised concerns regarding the safety of the investors’ money.

At the time of filing this report, CBEX has made no announcement regarding the event or what has happened to investor funds. Attempts to contact company representatives were unsuccessful.

Police presence was minimal during the looting, though later reports indicate that law enforcement was dispatched to quell unrest and secure the building. There have been no reports of arrests.

The majority of those impacted are currently calling for the government and regulatory authorities to investigate the firm and ensure that justice is meted out for those who may have been defrauded. The case adds to the long list of failed online investment platforms in Nigeria, leaving thousands of investors stranded.

The authorities are still to make an official announcement, but sources say that investigation into CBEX’s activities may soon start.