Fresh details have surfaced on how promoters of the collapsed Crypto Bridge Exchange, popularly known as CBEX, swindled over 600,000 Nigerians of an estimated ₦1.3 trillion through a well-coordinated Ponzi scheme disguised as a digital investment platform.
CBEX operated under the corporate name ST Technologies International Limited, registered with the Corporate Affairs Commission (CAC) on September 25, 2024, and later listed with the Economic and Financial Crimes Commission’s (EFCC) Special Control Unit Against Money Laundering on January 16, 2025.
The platform lured investors with promises of 100% profit after 30 days of alleged AI-driven cryptocurrency trading. Copies of its registration documents, including a CAC-issued certificate showing an increase in share capital to ₦201 million, were obtained by NEWS REVIEW. These certificates convinced many that the scheme was authentic.
From Charity to Scams
According to victims, the promoters backed their credibility with charity drives, hospital outreaches, and social interventions to win public trust. “They paid medical bills, gave back to the community—it all looked real,” one investor said.
CBEX’s Abuja office was officially launched on February 10, 2025. In a recorded ITV broadcast, two key figures, Adefowora Abiodun and Oluwanisola Adefowora, urged Nigerians to invest and invite others. “With the help of ST, you will not lose money. They are a team of analysts based in the UK,” Adefowora declared.
Telegram Channels and the Crash
The scheme’s promoters managed several Telegram groups used to engage investors. The largest group, ‘ST Customer Support’, had over 144,000 members. Others included ‘Newcomer Advance Group’ (58,000+) and ‘ST Signal Group IV’ (87,000+). The admins used foreign phone numbers and animated profile pictures, concealing their identities.
Following the platform’s collapse on Monday, all Telegram accounts were locked, and group memberships began to drop. Telegram later flagged the accounts as scam channels.
Regulatory Action Begins
EFCC spokesperson, Dele Oyewale, confirmed that the fraudulent platform operated under the guise of ST Technologies. “It was registered as a consultancy firm. But once it deviated from that line of business, steps were initiated to withdraw its registration,” he said.
The Securities and Exchange Commission (SEC) also linked CBEX to ST Technologies and stated that it created a false perception of legitimacy. “CBEX has failed to honour withdrawal requests and abruptly shut down offices amid rising complaints,” the SEC added.
Aggressive Marketing and Influencer Endorsements
CBEX’s rise was fuelled by intense marketing campaigns across social media, churches, schools, and radio. Influencers and radio presenters were reportedly recruited to promote the scheme.
Orisun FM in Osun State and other radio stations in Ibadan aired programmes promoting CBEX. “Even pepper sellers and petty traders can join us,” one presenter said in a five-minute broadcast. Following backlash, the OSBC management confirmed that the programme’s presenter had been sanctioned.
Celebrities, Police Officers, and Everyday Nigerians Affected
Fuji musician Alhaji Taye Adebisi, aka Taye Currency, went viral after lamenting a ₦10 million loss. He claimed he was influenced by associates who had earlier profited. “I got my insurance money and invested it. Now everything is gone,” he said in a video.
He wasn’t alone. A Divisional Police Officer, several police officers, and everyday Nigerians also fell victim. A policeman in Osun sold his car to reinvest ₦3.2 million. Another officer in Lagos lost ₦4.8 million from rent he collected from tenants. A skit maker in Ilorin, who invested ₦23 million with hopes of doubling it, attempted suicide.
Some victims took loans. One said, “I borrowed ₦500,000 thinking I’d pay it back in a month and make profit. Now I’m in debt.” Another sold his faulty car and expected ₦7 million in return.
Built to Deceive
US-based crypto expert Ojukwu Emmanuel told our correspondent the platform’s structure was clearly unsustainable. “It was too perfect—fixed returns, no market risk. It screamed fraud,” he said. Emmanuel warned his family ahead of the crash, noting the branding, UK-based claims, and fake trading data were all engineered to mislead.
He also pointed out that CBEX’s name closely resembled a legitimate Chinese equity exchange, furthering the deception.
EFCC Under Fire
Some Nigerians have criticised the EFCC for not acting sooner. On March 11, the commission released a list of 58 Ponzi platforms to avoid—CBEX wasn’t listed.
Human rights lawyer Inibehe Effiong called this a regulatory failure. “Nigeria has enough institutions to prevent such scams. We need a system overhaul,” he said, urging better monitoring and international collaboration.
Final Blow
CBEX only accepted dollar transactions and incentivised referrals, helping the scheme spread rapidly. Victims said they were asked to connect their accounts to Bybit to prevent hacking, which turned out to be another ruse.
As investigations continue, the emotional and financial scars remain. For many, CBEX was not just a scam, but a life-altering tragedy.
Follow News Review on Facebook and X
