Nigerian Man Warns Public to Delete CBEX App Over Security Risks After Platform’s Collapse
Following the massive crash of the controversial CBEX investment platform, a Nigerian man has taken to social media to urgently warn people to delete the CBEX app from their phones immediately, citing serious security threats.
The man, identified as content creator Uthman Ayipo, shared his warning via TikTok, explaining that CBEX was never listed on the Google Play Store or Apple App Store. Instead, users had to install the app through third-party sources — a red flag that raises security concerns…..CONTINUE READING
“If you’re using an iPhone, you had to grant permissions for the app to run. That’s dangerous. Delete CBEX from your phone immediately,” he said in the video.
His concern follows revelations that the platform may have scammed Nigerians out of over ₦1.3 trillion, with many now calling CBEX one of the biggest Ponzi schemes in recent history.
The Securities and Exchange Commission (SEC) of Nigeria had earlier issued a statement declaring that CBEX is not registered to operate in the Nigerian capital market. The SEC also warned influencers and celebrities — including Davido and Taaooma — who promoted the platform, that endorsing unlicensed investment schemes could lead to legal consequences under the Investments and Securities Act 2025.
Experts warn that apps downloaded from unofficial sources can expose your device to malware, unauthorized access, and data theft. With CBEX already under scrutiny, users are strongly advised to:
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Delete the app immediately
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Avoid sharing personal or financial details with the platform
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Report any suspicious activity to cybercrime authorities or the SEC
While many investors are still in shock, the Nigerian authorities are reportedly investigating the extent of the scam. Legal experts advise victims to document their transactions and file official complaints with law enforcement and financial regulators.
