CBEX Crypto Scam: N1.3tn Ponzi Exposed, Nigerian Promoters, Foreign Backers Unveiled

• Nigerians who invested in the now-defunct cryptocurrency platform CryptoBridge Exchange (CBEX), have lost billions, with the EFCC estimating over N1.3 trillion wiped out following the platform’s crash.

• The EFCC and SEC confirmed CBEX was unlicensed, operated fraudulently, and denied investors access to their funds before shutting down operations.

As Nigerian victims continue to count their losses in the collapsed CryptoBridge Exchange (CBEX) scheme, authorities have begun uncovering the individuals behind what is fast becoming one of the country’s biggest Ponzi-style cryptocurrency frauds.

The crash, which occurred in early April 2025, is believed to have cost investors over N1.3 trillion, following weeks of blocked withdrawal attempts. The Economic and Financial Crimes Commission (EFCC) is currently investigating, pledging to recover funds where possible. The Securities and Exchange Commission (SEC) has also weighed in, confirming that CBEX operated illegally and was never licensed to conduct business in Nigeria’s capital markets.

“CBEX has failed to honour withdrawal requests from their subscribers and abruptly closed their physical offices, amid mounting complaints,” SEC said in a statement. It added that the promoters lured victims through false marketing, promising unrealistically high returns within short periods.

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According to an investigation by the Foundation for Investigative Journalism (FIJ), CBEX’s operation in Nigeria was linked to ST Investment Co. Ltd, owned by 55-year-old Briton, Harold David Charles, who was publicly branded as a seasoned investment expert.

The group operated under multiple fronts, including ST Technologies International, which held a SCUML anti-money laundering certificate and was registered with the Corporate Affairs Commission (CAC).

Among the Nigerian faces of the scheme were Adefowora Abiodun and Oluwanisola Adefowora, who led the Abuja arm of CBEX. At the launch, Abiodun had said: “I am introducing this platform to you again. It is called ST CBEX platform where we trade every day, we make money and we live a good life. We encourage our people… so you don’t need to live a good life alone.”

CBEX also hosted seminars and recruitment drives in Lagos and other cities. At one such event in November 2024, team lead Victor Solomon encouraged attendees to “bring friends and enemies” to sign up, claiming participants could earn a month’s salary in one day.

READ ALSO: CBEX: SEC can’t recover lost N1.3trn funds for victims, says DG

CBEX sponsored community events including a school inter-house sports competition at MAXFEM International Schools in Lagos. The school’s proprietor, Mr. Olufemi Stephen Oguntola, admitted that no due diligence was carried out before accepting CBEX’s sponsorship.

“I had never seen him [the sponsor] until the competition day and after that day, I have not seen him again,” Oguntola said.

He revealed that the sponsorship fee of N400,000 was paid by a friend who introduced him to the sponsor, Temitayo Oklet (also known as Temitayo Oke) from Ibadan. The friend also lost $10,000 in the scheme.