A damning investigation by the Foundation for Investigative Journalism (TJ News Nigeria) has exposed the masterminds behind CryptoBridge Exchange (CBEX), a massive fraudulent investment scheme that defrauded unsuspecting Nigerians of over ₦1.3 trillion.
The scheme, which lured investors with promises of fast, high returns without any legitimate economic backing, crashed in April 2025, leaving thousands of Nigerians in financial ruin. CBEX had gained popularity through aggressive social media campaigns and referrals, particularly among young investors looking for alternative income sources in Nigeria’s unstable economic climate.
Investors Locked Out as CBEX Collapses
The crash became apparent when users began reporting inability to access their account dashboards, sparking widespread panic. Many initially clung to the hope that the issues were technical, but the reality became clearer when all communications from CBEX went silent and withdrawals ceased indefinitely.
The Economic and Financial Crimes Commission (EFCC) has since launched an official investigation into the fraudulent platform, vowing to trace and recover lost funds. In a related statement, the Securities and Exchange Commission (SEC) confirmed that CBEX operated illegally, never obtaining the necessary license to conduct investment activities within Nigeria’s financial markets.
Who’s Behind the CBEX Fraud?
TJ News Nigeria’s investigation has traced CBEX’s ownership to ST Investment Co., Ltd, an entity fronted by Harold David Charles, a 55-year-old British national who portrayed himself as a wealth management expert. Charles introduced CBEX into the Nigerian market in January 2023, leveraging digital media platforms and paid influencers to build credibility and attract investors.
Although ST Investment Co., Ltd. was never registered in Nigeria, one of its affiliates, ST Technologies International, was listed with the Corporate Affairs Commission (CAC) and had even secured an anti-money laundering certificate, a move believed to have been used to mislead regulators and investors.
Notably, many of the scam’s affiliate companies shared suspiciously similar names, including Smart Treasure and Super Technology, both of which appear to be shell entities with no real business operations—further strengthening the suspicion that the scheme was premeditated.
Nigerian Promoters Identified
Among the prominent Nigerian promoters named in the exposé are:
- Adefowora Abiodun
- Oluwanisola Adefowora (believed to be either related or married to Abiodun)
- Seyi Oloyede
- Emmanuel Uko
These individuals were deeply involved in public promotion and investor recruitment efforts, often hosting webinars, social media livestreams, and referral contests to gain public trust. They are currently being investigated by security agencies, though none have issued public statements addressing their alleged involvement.
Legal Action Underway
Authorities have promised a comprehensive crackdown. The EFCC is coordinating with local and international law enforcement to track assets and freeze accounts linked to the perpetrators. Meanwhile, the SEC has reiterated its commitment to educating the public about the dangers of investing in unregistered platforms.
The CBEX saga now stands as one of the largest crypto-related scams in Nigerian history, rivaling previous Ponzi schemes like MMM and MBA Forex. It highlights a continuing vulnerability among Nigerians who are desperate for financial empowerment amid rising inflation and unemployment.
Final Word
TJ News Nigeria understands as investigations continue, victims of the CBEX scam remain hopeful for justice and possible restitution. Financial experts are urging the public to verify the legitimacy of investment platforms through regulatory bodies like the SEC and EFCC before committing their money.
