Nigerians fear savings lost in app.

Nigerians are expressing outrage online after being locked out of their accounts on CBEX, a digital investment platform that promised to double users’ money monthly. Many have posted emotional videos expressing fear that their money is lost and are unable to access their funds. In response, some irate customers ransacked a CBEX office in Ibadan, taking furniture and equipment. One investor, Ola, revealed he feared losing 450,000 naira ($280; £210), as he was unable to withdraw his investment, despite planning to do so just days before. Other investors have reported similar losses, with one claiming to have lost $16,000. The problem was first noticed over the weekend, and by Monday, the issue remained unresolved, causing widespread anger. Some investors were told via Telegram that the issue was due to a hack, with promises that the matter would soon be fixed. The Nigerian Securities and Exchange Commission (SEC), which regulates financial platforms, has yet to comment, but it has previously warned about the risks of unregulated digital platforms and Ponzi schemes. This situation has triggered memories of the 2016 MMM collapse, which also left many investors heartbroken after their funds were frozen.