Social media is being used by irate Nigerians to vent about being locked out of their accounts on the online financial platform CBEX.
Videos of themselves sobbing have been shared online by people who expressed their worry that their money was lost and their inability to withdraw their assets.
In the southwest city of Ibadan, some irate clients looted a CBEX office, removing chairs, air conditioners, and a solar panel in the process. CBEX has not yet made any public remarks.
The business had assured investors that their money would double each month. Nigeria is going through difficult economic times right now, and many people are looking desperately for ways to increase their income.
An investor, identified as Ola, narrated 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.
Similar experiences have been posted online by numerous others, one of whom described losing sixteen thousand dollars.
See the moment angry customers engaged in looting spree at the CBEX office in Ibadan, Oyo State
The issue was initially discovered over the weekend, but up till Monday, many were still unable to access their money, the ire reached a boiling point.
CBEX responded to certain investors who complained on the private messaging app Telegram.
They were informed that a hack was the cause of the issue and that it will be fixed shortly.
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.
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