Fresh investigations have exposed the identities of persons behind CryptoBridge Exchange, CBEX, the fraudulent investment scheme that scammed thousands of Nigerians about ₦1.3 trillion.
Marketed as a fast-track to wealth with promises of massive returns, CBEX has now crashed, leaving many in financial ruin.
Trouble first emerged when investors reported being locked out of their CBEX dashboards. What began as confusion soon turned to panic as it became clear that their funds had vanished.
Amid a growing public outcry, the Economic and Financial Crimes Commission, EFCC, launched a full-scale investigation. The Securities and Exchange Commission, SEC, also confirmed that CBEX was never registered or licensed to operate in Nigeria’s capital market.
A report by the Foundation for Investigative Journalism traced the scheme to ST Investment Co., Ltd., an unregistered shadow company reportedly founded by Harold David Charles, a 55-year-old British national who posed as a wealth management expert. He launched CBEX in Nigeria in January 2023, using an aggressive media campaign to attract investors.
Although ST Investment was not formally registered, its affiliate, ST Technologies International, had obtained an anti-money laundering certificate and was listed with Nigeria’s Corporate Affairs Commission (CAC). Investigators linked multiple shell entities such as Smart Treasure and Super Technology—all with the “S.T.” naming pattern—to the broader scheme.
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FIJ further identified prominent Nigerian promoters of CBEX, including Adefowora Abiodun, Oluwanisola Adefowora, Seyi Oloyede, and Emmanuel Uko. These individuals allegedly played major roles in marketing the platform, organizing investor seminars, and legitimizing the scam through endorsements and referrals. Despite mounting evidence, all have declined public comment.
The EFCC, along with INTERPOL, is now pursuing international leads while intensifying local efforts to hold the perpetrators accountable. Meanwhile, the SEC is ramping up enforcement actions to curtail the spread of unlicensed financial operations in Nigeria.
Thousands of victims continue to demand restitution, with many left bankrupt after staking their savings, pensions, and even borrowed funds into CBEX.
As the investigation unfolds, the CBEX collapse is fast becoming one of Nigeria’s biggest financial scandals in recent history—fueling calls for tighter regulation, greater investor education, and swifter legal prosecution of white-collar crimes.
GWG
