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3 days ago
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- CBEX collapsing was heartbreaking for Nigerians who had invested successful the integer fiscal platform, arsenic they lamented connected societal media
- The BBC has reported Nigerians' absorption and however the strategy brought backmost the representation of MMM, a fashionable fiscal ponzi strategy which crashed successful 2016
- MMM, which was founded successful November 2015, reportedly had up to 3 cardinal Nigerian investors earlier it crashed
Some Nigerians are aggravated arsenic they instrumentality to societal media and narrated however they person been locked retired of their accounts connected CBEX, a integer fiscal platform.
People person shared the videos of themselves shedding tears and lamenting that they could not retreat their concern connected the platform. They are disquieted that their money is gone.
Source: Getty Images
CBEX investors looted the Ibadan office
In the southwest metropolis of Ibadan, the Oyo state capital, immoderate furious customers ransacked the bureau of the fiscal level and looted their facility. They carted distant chairs, air-conditioners and a star panel. However, CBEX had yet to marque a nationalist remark astir the development.
The BBC reported that CBEX had promised that investors would get treble of their investments each month. This came amid Nigeria's economical challenges, and galore Nigerians are hopeless to boost their income.
Ola, 1 of the investors who spoke with the BBC Pidgin, expressed the fearfulness that helium had mislaid 450,000 naira ($280; £210). His connection reads:
"I was acceptable to retreat each my concern conscionable past week, but my person told maine to beryllium diligent and hold - and present it has crashed."CBEX crashing: Nigerians lament connected societal media
Many Nigerians person taken to societal media to stock their stories; 1 of them talked astir losing $16,000 to the ponzi scheme.
The occupation with the strategy was archetypal noticed during the weekend, but it escalated connected Monday, April 14, erstwhile the radical were inactive not capable to entree their money.
Some of the investors who laid their complaints connected the Telegram transmission of CBEX received responses from the integer fiscal platform.
They were told that the level was being hacked and that it would soon beryllium resolved.
Source: UGC
SEC warned against Ponzi schemes
According to the BBC, the Securities and Exchange Commission (SEC), the national authorities bureau successful Nigeria that regulates the concern sector, was yet to respond to a petition for comment. Meanwhile, the SEC had antecedently warned astir the information of investing successful unregulated integer platforms and imaginable Ponzi schemes.
To immoderate Nigerians, the CBEX concern brought backmost the achy memories of different fashionable fiscal ponzi scheme, known arsenic MMM, which crashed successful 2016. MMM froze its transactions successful 2016 and near galore investors heartbroken.
MMM investors are expected to person a 30% instrumentality connected their concern successful conscionable 30 days. It was launched successful November 2015, and its laminitis explained that the strategy had up to 3 cardinal members earlier it collapsed.
SEC cuts support play to 14 days
Legit.ng reported earlier that the Securities and Exchange Commission (SEC) has slashed the support clip for a institution to rise superior successful the Nigerian superior market.
This is portion of respective moves to streamline processes successful the superior market, marque it much efficient, and presumption the regulator to enactment the maturation of businesses successful the country.
The SEC Director-General, Dr. Emomotimi Agama, disclosed this successful a caller connection delivered successful Abuja.
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Source: Legit.ng
