Frustrated Nigerians are taking to social media to express their outrage over being locked out of their accounts on the digital financial platform, CBEX.
Many individuals have shared emotional videos, tearfully revealing their inability to access their investments and fearing that their funds have vanished.
In a fit of anger, some customers stormed a CBEX office in Ibadan, a city in the southwest, and made off with furniture, air-conditioners, and a solar panel. CBEX has yet to issue a public statement regarding the situation.
The company had assured investors that they would see their money doubled each month. With Nigeria currently grappling with tough economic conditions, many are eager to find ways to increase their earnings.
The issue first emerged over the weekend, but frustration escalated on Monday when individuals still couldn't access their funds.
Some investors who voiced their concerns on the messaging platform Telegram received replies from CBEX, indicating that the issue stemmed from a hacking incident and that a resolution was forthcoming.
The Nigeria Securities and Exchange Commission (SEC), which oversees the investment sector, has yet to respond to a request for comment from the BBC. However, the SEC has previously cautioned the public about the dangers associated with unregulated digital platforms and the risk of Ponzi schemes.
For many, this situation evokes painful memories of 2016 when another well-known financial scheme, MMM, halted its transactions, leaving numerous investors devastated.
Participants were promised a 30% return on their investments within just 30 days. Launched in Nigeria in November 2015, the scheme reportedly attracted up to three million members before its eventual collapse.