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| Version 3 | Version 4 |
|---|---|
| CBEX accounts in Nigeria: People fear savings lost as investment app freezes them out | CBEX accounts in Nigeria: People fear savings lost as investment app freezes them out |
| (1 day later) | |
| Investors were attracted by the promise of high interest rates | Investors were attracted by the promise of high interest rates |
| Angry Nigerians are turning to social media to describe how they have been locked out of their accounts on the digital financial platform, CBEX. | Angry Nigerians are turning to social media to describe how they have been locked out of their accounts on the digital financial platform, CBEX. |
| People have posted videos of themselves crying, saying that they could not withdraw their investments and worried that their money had gone. | People have posted videos of themselves crying, saying that they could not withdraw their investments and worried that their money had gone. |
| Some furious customers ransacked a CBEX office in the south-west city of Ibadan, carting off chairs, air-conditioners and a solar panel. CBEX has not yet publicly commented. | Some furious customers ransacked a CBEX office in the south-west city of Ibadan, carting off chairs, air-conditioners and a solar panel. CBEX has not yet publicly commented. |
| The company had promised that investors would double their money every month. Nigeria is currently facing straitened economic times and many are desperate to find a way to boost their income. | The company had promised that investors would double their money every month. Nigeria is currently facing straitened economic times and many are desperate to find a way to boost their income. |
| One investor, identified as Ola, told BBC Pidgin that he feared he had lost 450,000 naira ($280; £210). | One investor, identified as Ola, told BBC Pidgin that he feared he had lost 450,000 naira ($280; £210). |
| "I was ready to withdraw all my investment just last week but my friend told me to be patient and wait - and now it has crashed," Ola said. | "I was ready to withdraw all my investment just last week but my friend told me to be patient and wait - and now it has crashed," Ola said. |
| Many others have shared similar stories online, with one person talking about losing $16,000. | Many others have shared similar stories online, with one person talking about losing $16,000. |
| The problem was first noticed over the weekend, but the anger boiled over when Monday came and people were still not able to access their money. | The problem was first noticed over the weekend, but the anger boiled over when Monday came and people were still not able to access their money. |
| Some investors who made complaints on the private messaging service Telegram received responses from CBEX. | Some investors who made complaints on the private messaging service Telegram received responses from CBEX. |
| They were told that the problem was the result of a hack and things will be resolved soon. | They were told that the problem was the result of a hack and things will be resolved soon. |
| Nigeria's Securities and Exchange Commission (Sec), which regulates the investment secotr, has not yet responded to a BBC request for comment. But Sec has previously warned citizens about the risks surrounding unregulated digital platforms and potential Ponzi schemes. | |
| For some, the situation brings back painful memories from 2016 when another popular financial scheme, called MMM, froze its transactions, leaving many investors heartbroken. | For some, the situation brings back painful memories from 2016 when another popular financial scheme, called MMM, froze its transactions, leaving many investors heartbroken. |
| Members were supposed to receive a 30% return on their investment in just 30 days. It launched in Nigeria in November 2015 and according to its founders, had up to three million members before it collapsed. | Members were supposed to receive a 30% return on their investment in just 30 days. It launched in Nigeria in November 2015 and according to its founders, had up to three million members before it collapsed. |
| More BBC stories on Nigeria: | More BBC stories on Nigeria: |
| Nigerian make-up artist jailed for throwing cash at his wedding | Nigerian make-up artist jailed for throwing cash at his wedding |
| 'How I survived Nigeria attack that killed my 16 friends' | 'How I survived Nigeria attack that killed my 16 friends' |
| Outcry over emir's summons prompts U-turn from Nigerian police | Outcry over emir's summons prompts U-turn from Nigerian police |
| Go to BBCAfrica.com for more news from the African continent. | Go to BBCAfrica.com for more news from the African continent. |
| Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica | Follow us on Twitter @BBCAfrica, on Facebook at BBC Africa or on Instagram at bbcafrica |