Fresh revelations have exposed how promoters of the collapsed Ponzi scheme, Crypto Bridge Exchange (CBEX), deceived over 600,000 Nigerians into investing in a bogus digital trading platform, leading to losses totaling N1.3 trillion.
CBEX, operating under the registered name ST Technologies International Limited, promised investors a 100% profit in 30 days through alleged AI trading. The company was registered with the Corporate Affairs Commission (CAC) on September 25, 2024, and obtained a certificate from the Economic and Financial Crimes Commission’s (EFCC) Special Control Unit Against Money Laundering on January 16, 2025.
Documents obtained show that ST Technologies increased its share capital from N1 million to N201 million in December 2024. Victims said these certificates, combined with the company’s community charity efforts and media presence, gave CBEX a façade of legitimacy.
While the CAC site confirms the company is active, crucial information such as board members and office addresses remain undisclosed on open-source intelligence platforms.
A television interview on ITV identified Adefowora Abiodun as ST Technologies’ leader and Oluwanisola Adefowora as its Nigerian representative. They claimed to offer financial upliftment to Nigerians through a UK-based team of analysts. The interview was aired during the inauguration of the company’s Abuja office on February 10, 2025.
Massive Telegram Network
CBEX maintained several Telegram groups, including ‘ST Customer Support’ (144,460 members), ‘Newcomer Advance Group’ (58,186), and ‘ST Signal Group IV’ (87,864 before the crash). Admins used UK phone numbers and anonymous avatars. After CBEX collapsed on Monday, all groups were locked and flagged as scams by Telegram, with membership numbers now declining.
EFCC Begins De-registration
EFCC spokesperson Dele Oyewale confirmed that CBEX was registered under ST Technologies, ostensibly for consultancy services. Upon discovering it had diverted into illegal investment schemes, the EFCC initiated steps to revoke its registration. Investigations are ongoing with support from international partners.
The Securities and Exchange Commission (SEC) corroborated that CBEX operated under the aliases Smart Treasure/Super Technology. It accused the platform of misleading promotional tactics and failing to honour withdrawal requests before abruptly shutting down offices.
Aggressive Marketing & Media Use
CBEX promoted its services through influencers, radio presenters, and social media, establishing offices in Abuja, Lagos, and Ibadan. It even marketed in churches, schools, and local markets. On Orisun FM, a presenter claimed the scheme would help petty traders and low-income earners escape poverty.
Following backlash, the OSBC management confirmed disciplinary action against the presenter who promoted CBEX.
Celebrities and Public Figures Affected
Popular Fuji artist Taye Currency revealed he lost N10 million to CBEX after being convinced by friends who profited earlier. Other victims included a Divisional Police Officer, a Lagos police sergeant, and a policeman in Osun, some of whom sold cars or invested rent money to join the scheme.
A skit maker in Ilorin attempted suicide after losing N23 million, while another victim, Shola, took a N500,000 loan to invest. Many others sold personal assets, hoping for quick returns.
Ponzi Model Built to Fail
Ojukwu Emmanuel, a U.S.-based Nigerian crypto investor, described CBEX as a classic Ponzi scheme disguised with a sleek interface and fake registration claims. He highlighted the fixed returns and unverifiable AI trading model as red flags. The scheme, he said, falsely shared a name with a legitimate Chinese equity exchange to appear credible.
Criticism of EFCC
Nigerians have criticised the EFCC for failing to list CBEX among 58 Ponzi schemes it warned about on March 11, despite mounting signs of fraud. Human rights lawyer Inibehe Effiong described this as a major regulatory failure and called for urgent reforms and stronger preventive frameworks.
He urged collaboration with international agencies to track down the perpetrators, stressing the importance of effective surveillance to protect Nigerians from future scams.
