Exposed: Masterminds Behind ₦1.3trn CryptoBridge Exchange (CBEX) Scam Identified

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Fresh investigations have uncovered the key figures behind CryptoBridge Exchange (CBEX), the fraudulent investment scheme that swindled Nigerians out of over ₦1.3 trillion. Posing as a lucrative wealth-building platform, CBEX duped investors with false promises of high returns—despite having no real economic value. By April 2025, the scheme collapsed, leaving thousands in financial devastation.

The downfall began when investors lost access to their CBEX dashboards. What started as confusion quickly turned to panic as victims realized their money had vanished.

In response, the Economic and Financial Crimes Commission (EFCC) launched a full probe, while the Securities and Exchange Commission (SEC) confirmed that CBEX was never authorized to operate in Nigeria.

A report by the Foundation for Investigative Journalism (FIJ) revealed that CBEX was tied to ST Investment Co., Ltd., a dubious firm founded by Harold David Charles, a 55-year-old British national. Posing as a “wealth management expert,” Charles introduced CBEX in Nigeria in January 2023 through aggressive marketing. However, FIJ discovered that ST Investment Co., Ltd. was unregistered, though an affiliate—ST Technologies International —was listed with Nigeria’s Corporate Affairs Commission (CAC) and held an anti-money laundering certificate.

The investigation also exposed similarly named entities like Smart Treasure and Super Technology, all linked to the scam.

FIJ identified several Nigerian promoters who helped popularize CBEX, including Adefowora Abiodun, Oluwanisola Adefowora, Seyi Oloyede, and Emmanuel Uko. These individuals allegedly played a major role in convincing local investors of the scheme’s legitimacy.

Despite the evidence, the accused promoters have remained silent, refusing to address their involvement or the missing funds.

As authorities intensify their probe, defrauded investors continue to demand justice while regulators push for stricter oversight to prevent similar scams in Nigeria’s financial sector.