Government Urges Collective Action as CBEX Collapse Sparks Outrage

The Federal Government has extended its sympathies to Nigerians affected by the collapse of digital investment platform CBEX, warning that the proliferation of Ponzi-style schemes poses a growing threat to public trust and financial stability.  

Speaking in Abuja at the second edition of ‘The Spokespersons Summit’, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, called for a united national effort to confront fraudulent investment operations.  

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Mr Oyedele described the situation as a societal challenge requiring vigilance and collaboration across sectors to safeguard citizens from financial exploitation.  

CBEX, which promoted itself as a digital investment platform, abruptly ceased operations on Tuesday, leaving investors facing reported losses exceeding ₦1.3 trillion.  

The collapse triggered widespread outrage, with affected users taking to social media to voice anger, confusion, and concern over the apparent lack of safeguards.