Nigerians Behind CBEX Scam Unveiled

As the dust begins to settle over the collapse of CryptoBridge Exchange (CBEX), a Ponzi-style cryptocurrency platform, revelations have emerged linking several Nigerian individuals to the orchestration of the multi-billion naira fraud scheme that has left thousands of investors devastated.

The crash, which occurred on Monday after users were locked out of their asset wallets, has been described as one of the most brazen digital financial scams in Nigeria’s recent history. Although figures are yet to be officially confirmed, it is believed that the total amount lost by investors could exceed N1.3 trillion.

In response to mounting public outrage, the Economic and Financial Crimes Commission (EFCC) has vowed to pursue the case and recover stolen funds. The Securities and Exchange Commission (SEC) also issued a public notice declaring CBEX an unlicensed entity with no legal mandate to operate within Nigeria’s capital market.

False Promises and Strategic Deception

According to the SEC, preliminary investigations revealed that CBEX misled the public through aggressive marketing, promising unrealistically high returns within short periods. The scheme, it noted, used promotional activities to give a false impression of legitimacy, luring unsuspecting Nigerians into investing.

“CBEX failed to honour withdrawal requests and abruptly shut down its physical offices amidst growing complaints,” SEC stated.

Investigative reporting by the Foundation for Investigative Journalism (FIJ) has since uncovered the identities of several individuals associated with the scheme’s operations in Nigeria.

Faces Behind the Fraud

CBEX was reportedly promoted in Nigeria as an affiliate of ST Investment Co. Ltd., a company owned by 55-year-old British national Harold David Charles. While CBEX itself was not registered, its parent body—ST Technologies International—had obtained anti-money laundering certification from the EFCC’s Special Control Unit Against Money Laundering (SCUML) just a day before its public promotion.

Prominent Nigerian figures linked to the scheme include Adefowora Abiodun and Oluwanisola Adefowora, both identified as key representatives of CBEX in Nigeria. While their exact relationship remains unconfirmed, the two were actively involved in hosting seminars and roadshows to recruit new investors.

On February 10, 2025, Abiodun reportedly launched a CBEX office in Abuja, promoting the platform as a guaranteed path to wealth. “We trade every day, we make money and live a good life,” he told attendees, urging them to invite others to join and enjoy financial freedom.

Earlier on November 30, 2024, a sparsely attended seminar in Lagos saw CBEX marketers encouraging participants to abandon salaried jobs and bring along “friends and enemies” to invest. A team lead named Victor Solomon was identified in video footage from the event.

Sponsorships Used to Build Credibility

CBEX promoters also sought public trust through corporate sponsorships. One such event was the inter-house sports competition of MAXFEM International Schools in Alagbado, Lagos, where the company sponsored a house for N400,000. The school proprietor, Mr. Olufemi Stephen Oguntola, admitted that the decision to accept the sponsorship was made without due diligence.

“I didn’t know CBEX. A friend introduced me to their promoter, Temitayo Oke from Ibadan. He paid through my friend. I have not seen him again since the event, and he hasn’t taken my calls,” Oguntola lamented, revealing that the same friend also lost $10,000 in the scheme.

As the investigation deepens, questions remain about regulatory oversight and how a fraudulent platform with no license or corporate identity could infiltrate communities, manipulate trust, and swindle billions from hardworking Nigerians.

The EFCC continues to urge victims to report their losses through its official channels, promising justice for those affected.

See also: “Smuggled Broadcast”: Osun Radio Sanctions Presenter Over CBEX Ponzi Promo