Many Nigerians who invested in the now-defunct Crypto Bridge Exchange (CBEX) have been left devastated, nursing massive financial losses and regret. CBEX, a fraudulent investment scheme, promised quick and high returns without offering any real economic value.
Reports of the scheme’s crash began to surface in April, though some investors initially dismissed the claims. Their fears were confirmed when they were locked out of their account dashboards without prior warning—a sign that the scheme had collapsed.
According to findings by the Foundation for Investigative Journalism (FIJ), the CBEX scam may have wiped out as much as ₦1.3 trillion in investors’ funds.
Following the collapse, Nigeria’s Economic and Financial Crimes Commission (EFCC) launched investigations into the scheme and its operators, assuring victims of efforts to recover their lost funds.
The Securities and Exchange Commission (SEC) also issued a public statement, warning that CBEX was never licensed to operate within Nigeria’s capital market.
“Neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market,” the SEC stated on X.
The Commission added that CBEX used aggressive promotions to falsely project legitimacy, luring unsuspecting individuals with promises of unrealistically high returns. Eventually, CBEX ceased withdrawals and shut down physical offices amid mounting complaints.
Unmasking the Faces Behind CBEX
FIJ’s investigation identified several individuals who publicly associated themselves with the failed scheme.
CBEX reportedly operated as an affiliate of ST Investment Co., Ltd, a company owned by Harold David Charles, a 55-year-old British national. The scheme gained visibility in Nigeria through media articles published in late January 2024, portraying Charles as a seasoned investment expert. These articles also described a strategic partnership between ST Investment and CBEX.
Though CBEX itself was unregistered, its operations were linked to ST Technologies International, a firm registered with Nigeria’s Corporate Affairs Commission (CAC) and also certified by the EFCC’s Special Control Unit Against Money Laundering (SCUML) on January 26, 2024. Other affiliated entities included Smart Treasure and Super Technology, all bearing the recurring initials “S.T.”
Key Promoters Identified
Among the notable figures identified by FIJ were:
- Adefowora Abiodun and Oluwanisola Adefowora – both prominent representatives of CBEX and suspected to be either siblings or a couple.
- Seyi Oloyede Emmanuel Uko – reportedly involved in the scheme’s operations.
- Victor Solomon – named as a team lead in a promotional video. He did not respond to calls, texts, or WhatsApp messages from FIJ.
On February 10, Abiodun led the opening of a CBEX office in Abuja, telling attendees, “We trade every day, we make money, and we live a good life. Tell people about it. Let them come onboard and enjoy life.”
Months earlier, on November 30, the promoters hosted a sparsely attended seminar in Lagos, urging attendees to abandon traditional employment for CBEX’s get-rich-quick model.
FIJ also discovered that the promoters sponsored events, including a school inter-house sports competition, in a bid to gain public trust and increase visibility.
Dubious Sponsorship at MAXFEM International School
At MAXFEM International Schools in Alagbado, Lagos, CBEX sponsored the school’s “Yellow House” during a sports competition held on February 10. According to the school’s proprietor, Olufemi Stephen Oguntola, the sponsorship was facilitated by a mutual friend who introduced him to Temitayo Oke, a CBEX promoter based in Ibadan.
“We agreed on ₦400,000 as a sponsorship fee. He paid it through my friend. I didn’t meet him until the event day, and since then, I haven’t seen him again,” Oguntola told FIJ.
Despite the financial deal, Oguntola admitted that no background checks were done before accepting the sponsorship. His contact later confessed to losing about $10,000 to the scheme.
At the time of FIJ’s reporting, Oke could not be reached. His phone remained unreachable, and messages went unanswered.
This report was based on investigations conducted by the Foundation for Investigative Journalism (FIJ).
