Promoters of the collapsed Crypto Bridge Exchange (CBEX) used official company registrations, aggressive marketing including radio ads and celebrity endorsements, and charity outreach to convince an estimated 600,000 Nigerians to invest in a fraudulent scheme, resulting in losses exceeding N1.3 trillion.
ABUJA – Fresh details reveal how promoters of the collapsed Crypto Bridge Exchange (CBEX) used official registrations and sophisticated marketing to lure an estimated 600,000 Nigerian investors into a fraudulent scheme, culminating in losses pegged at N1.3 trillion. The digital platform, which promised 100% profit in 30 days via purported AI trading, crashed earlier this week, leaving investors devastated.
Investigations show the scheme operated under ST Technologies International Limited, a company registered with Nigeria’s Corporate Affairs Commission (CAC) on September 25, 2024, and the Economic and Financial Crimes Commission’s (EFCC) anti-money laundering unit (SCUML) on January 16, 2025. Victims stated these registrations lent an air of legitimacy. “They were also doing charity, hospital outreach, paying hospital bills… it was a coordinated approach,” said one investor who requested anonymity.
Promoters, identified in one video as Adefowora Abiodun and Oluwanisola Adefowora, held promotional events, including an Abuja office inauguration on February 10, 2025. They utilised radio stations, influencers, large Telegram groups (some flagged as ‘Scam’ post-collapse), and even celebrity investors like Fuji musician Taye Currency, who publicly lamented losing N10 million. “I invested N10m in CBEX on April 1, but everything vanished,” Currency stated in a viral clip.
The human cost is immense, with reports of victims selling property, taking loans, and even a skit maker attempting suicide after losing N23 million. Police officers are also among those who lost significant sums.
The EFCC confirmed ST Technologies was registered for “consultancy services” and has begun de-registration proceedings after discovering the deviation. “Work is ongoing… I can assure you we will get to the root of the matter,” said EFCC spokesperson Dele Oyewale. The Securities and Exchange Commission (SEC) also issued a warning, noting CBEX used promotional activities “to create a false perception of legitimacy.”
However, regulatory bodies face criticism for not including CBEX/ST Technologies in a March warning list of Ponzi schemes, a move lawyer Inibehe Effiong called a “serious failure.”