As outrage continues to mount over the collapse of CryptoBridge Exchange (CBEX), a cryptocurrency-based Ponzi scheme, fresh revelations have exposed the Nigerian faces behind the platform that allegedly defrauded investors of over N1.3 trillion.
The platform reportedly crashed on Monday, April 14, 2025, just days after investors were denied access to withdraw funds from their wallets—triggering nationwide panic and prompting a swift response from regulators and law enforcement.
The Economic and Financial Crimes Commission (EFCC) has pledged to recover funds from the defunct scheme, while the Securities and Exchange Commission (SEC) declared CBEX an unlicensed operator with no authority to engage in Nigeria’s capital market. According to SEC’s preliminary investigations, CBEX lured thousands of unsuspecting Nigerians with false promotional campaigns and promised unusually high returns in a short time frame.
“CBEX HAS FAILED TO HONOUR WITHDRAWAL REQUESTS AND SHUT DOWN ITS PHYSICAL OFFICES AMID GROWING COMPLAINTS,” SEC CONFIRMED.
A report by investigative outlet Foundation for Investigative Journalism (FIJ) has since unmasked some of the key Nigerian promoters of the collapsed scheme, including Adefowora Abiodun, Oluwanisola Adefowora, Seyi Oloyede, Emmanuel Uko, and Victor Solomon. Their roles included organizing roadshows, seminars, and aggressive recruitment campaigns across Nigerian cities.
In one widely circulated video from a CBEX Abuja office launch on February 10, Abiodun described the platform as a life-changing opportunity, urging participants to “bring people onboard to enjoy life.”
CBEX reportedly operated in Nigeria under the umbrella of ST Technologies International, registered with the Corporate Affairs Commission (CAC) and possessing an anti-money laundering certificate issued by EFCC’s SCUML unit. However, CBEX itself was not a legally registered business entity in Nigeria.
The scheme was allegedly affiliated with ST Investment Co., Ltd, a firm fronted by 55-year-old Briton Harold David Charles, whose profile had been boosted through local media placements in January 2025 to portray him as a seasoned investment guru.
In a bizarre twist, CBEX’s efforts to appear legitimate extended to sponsoring school events. One such event was the inter-house sports competition at MAXFEM International Schools, Alagbado, Lagos. Proprietor Olufemi Stephen Oguntola admitted to accepting a N400,000 sponsorship deal through a promoter identified as Temitayo Oke (Oklet), without conducting any due diligence.
“I did not do any background checks. I accepted their offer because a friend of mine was the link between us. He also invested and lost $10,000,” Oguntola said.
With thousands of Nigerians affected, many of whom invested life savings or borrowed funds, pressure is mounting on authorities to track down the culprits and ensure justice.
The collapse of CBEX adds to the growing list of fraudulent investment platforms that have exploited Nigeria’s economic uncertainty and unregulated digital asset space. Authorities have since reiterated calls for citizens to verify all financial platforms with relevant regulatory bodies before investing.
