Inside the Scam: Fake Offices,
Telegram Groups, and Celebrity Endorsements
CBEX’s promoters used a multi-layered deception strategy, including:
✔ Fake Physical Offices – Opened branches in Abuja, Lagos, and Ibadan to appear legitimate.
✔ Telegram Groups with 300,000+ Members – Used UK-based admins with fake profiles to manipulate victims.
✔ Radio & Social Media Ads – Paid influencers and stations like Orisun FM to promote the scheme.
✔ Phony Charity Work – Conducted hospital outreaches to build trust.
Fresh revelations have emerged on how the promoters of the collapsed Ponzi scheme, Crypto Bridge Exchange (CBEX), deceived hundreds of thousands of Nigerians using government-issued certificates.
CBEX, a digital investment platform, lured investors by promising a 100 percent return on investments within 30 days through purported AI trading.
No fewer than 600,000 Nigerians reportedly lost a total of N1.3 trillion after the scheme abruptly collapsed on Monday.
Investigations by TJ News Nigeria revealed that the promoters operated under a company registered as ST Technologies International Limited.
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The company was registered with the Corporate Affairs Commission (CAC) on September 25, 2024, and was also listed by the Economic and Financial Crimes Commission’s (EFCC) Special Control Unit Against Money Laundering (SCUML) on January 16, 2025.
Copies of these registration certificates, obtained by TJ News Nigeria , appeared to legitimize the operation.
One document, titled Certificate of Increase in Issued Share Capital of ST Technologies International Limited (Company Registration No. 7955973), stated:
“The Registrar-General of the Corporate Affairs Commission hereby certifies that pursuant to the resolution and notice of increase in share capital dated 4th December 2024, and presented for filing on 5th December 2024… the increase in share capital from N1,000,000 to N201,000,000—by the creation of 200,000,000 ordinary shares of N1 each—has been registered with the commission.”
Likewise, the EFCC’s certificate dated January 16, 2025, read:
“ST Technologies International Limited has been duly registered in accordance with the provisions of Section 17(2)(a) of the Money Laundering (Prevention and Prohibition) Act, 2022, and other applicable laws or regulations.”
Victims Misled by Certificates
Several victims told TJ News Nigeria that the official registration documents gave them confidence that the scheme was genuine.
“They were also doing charity work, paying hospital bills… it was a coordinated approach,” said an anonymous investor.
Checks on the CAC portal confirmed the company remained active, but TJ News Nigeria could not access the names of its board members.
Similarly, platforms like NgCheck, B2BHint, and Finelib lacked critical information such as the company’s address and directors.
A television clip aired by ITV identified Adefowora Abiodun as the head of ST Technologies, while another official, Oluwanisola Adefowora, was introduced as the Nigeria representative.
During the February 10, 2025 inauguration of the company’s Abuja office, the officials encouraged Nigerians to invest and recruit others.
“With the help of ST, you will not lose money. Just follow their advice. They are a group of analysts based in the United Kingdom,” Adefowora said.
Telegram Groups Used for Coordination
TJ News Nigeria discovered that CBEX maintained several Telegram groups:
- ‘ST Customer Support’ with 144,460 members
- ‘Newcomer Advance Group’ with 58,186 members
- ‘ST Signal Group IV’ with 87,864 members
These groups were locked immediately after the scheme crashed. Administrators used UK mobile numbers and animated profile pictures, avoiding real images. Two usernames identified were @Mentor_LaurafxWilsonn and @Maiy_Aditiii.
By press time, group membership had declined, and Telegram flagged the accounts as “Scam” after receiving multiple fraud reports.
EFCC Reacts – Admits Registration Was a Mistake
EFCC Begins De-registration
EFCC spokesperson Dele Oyewale confirmed that ST Technologies was the registered entity behind the Ponzi scheme.
“It wasn’t registered as CBEX. The company listed consultancy as its business. Once we discovered it had deviated, steps were initiated to revoke its registration,” he said.
Oyewale added that investigations were ongoing with the involvement of international partners.
The Securities and Exchange Commission (SEC) also stated that CBEX operated under multiple aliases, including Smart Treasure and Super Technology.
“CBEX engaged in promotional activities to create a false sense of legitimacy… It failed to honour withdrawals and shut its offices amid complaints,” the SEC noted.
Aggressive Marketing Tactics
Sources disclosed that the scheme hired social media influencers and radio presenters to act as brand ambassadors.
CBEX opened offices in Abuja, Lagos, and Ibadan and advertised through radio stations like Orisun FM (Osun State) and others in Oyo State.
The scheme also targeted schools, churches, and grassroots populations, even distributing giveaways.
In one radio promo, a CBEX official claimed:
“This scheme is for everyone—herbal sellers, roadside vendors, market women. We want to make life easier for Nigerians.”
Following backlash, OSBC announced it had sanctioned the presenter involved in airing the programme.
Prominent Nigerians Among Victims
On Friday, a video of Fuji musician Alhaji Taye Adebisi (aka Taye Currency) surfaced, showing him lamenting his N10 million loss.
“I invested N10 million in CBEX on April 1, and now it’s all gone,” he said, cursing those who convinced him to join.
He named other investors, including band members who used stolen or saved funds, ranging from N500,000 to N1.4 million.
TJ News Nigeria learned that other celebrities were affected but have chosen to remain silent.
One source claimed to have introduced a Divisional Police Officer (DPO) to the scheme, stating the officer had been inconsolable since the collapse.
Victims Took Loans, Sold Assets
CBEX only accepted dollar-denominated transactions, with a $100 minimum investment and referral bonuses.
One investor who lost funds said:
“I invested $312 on April 3, and by April 15, I had $623 in my wallet. I still can’t believe the money is gone.”
A police inspector in Osun sold his car and invested the N3.2 million proceeds, after previously cashing out N783,000 from an earlier investment.
“It was a stupid mistake I’ll never make again,” he said.
Another Lagos-based officer lost N4.8 million, funds collected from his tenants’ rent.
In Ilorin, a skit maker who invested N23 million attempted suicide after the platform collapsed.
“I wanted to buy a car with the expected returns. Everything is gone,” he said.
Another victim, Shola, took a N500,000 loan to invest, while a separate investor sold a faulty car, hoping to turn the proceeds into N7 million.
A Scheme Built to Fail
U.S.-based Nigerian crypto analyst Ojukwu Emmanuel described CBEX as “too good to be true.”
“Fixed daily returns and perfect consistency? That’s not how real markets work. The platform was built to deceive,” he said.
He added that CBEX’s name mimicked a legitimate Chinese government-backed exchange, compounding its deception.
“It was engineered to appear sophisticated. Everything was fake.”
EFCC Criticised for Delay
Nigerians have criticised the EFCC for not identifying CBEX early enough. Despite publishing a list of 58 Ponzi schemes on March 11, CBEX was not included.
Human rights lawyer Inibehe Effiong called it a regulatory failure:
“Nigeria has enough institutions to check such fraud. This is a wake-up call to overhaul the country’s investment monitoring framework.”
He urged regulators to act proactively and engage in international cooperation to bring perpetrators to justice.
