PONZI SCHEME: Fresh Details Emerge On How CBEX Promoters Lured 600000 Nigerians Into ₦1.3 Trillion Fraud
A major investigation into the collapse of the Crypto Bridge Exchange (CBEX) Ponzi scheme has revealed how promoters used deceitful tactics to convince over 600,000 Nigerians to invest in their fraudulent digital trading platform.
The Genius Media Nigeria understands that CBEX promised investors 100% returns in just 30 days using purported AI trading strategies. However, the platform’s sudden collapse on Monday left investors with losses amounting to ₦1.3 trillion.
According to findings by Punch, the promoters of CBEX operated under the company name ST Technologies International Limited, which was registered with the Corporate Affairs Commission (CAC) on September 25, 2024.
They also obtained registration from the Economic and Financial Crimes Commission’s Special Control Unit Against Money Laundering (SCUML) on January 16, 2025.
A copy of the Certificate of Increase in Issued Share Capital of ST Technologies showed that the company’s capital had been raised from ₦1,000,000 to ₦201,000,000. This document was used to give the false impression that the company was legitimate.
Victims of the scheme, who spoke to Punch, revealed that the fake legitimacy gave them confidence to invest. Promoters not only used registration certificates but also organised charity events like hospital outreaches and claimed to be paying hospital bills.
These efforts were part of the scheme’s coordinated strategy to present a trustworthy image.
A check on the company’s records revealed that ST Technologies remained active on the CAC’s website, though it did not provide details of its board members or official address. Sources also noted that open-source intelligence platforms failed to show any significant information on the company’s operations.
Leaders Of The Fraudulent Scheme
According to Punch, a video footage aired on a Nigerian television station, ITV, identified two individuals, Adefowora Abiodun and Oluwanisola Adefowora, as the leaders of ST Technologies.
In the video, they encouraged Nigerians to invest in the scheme, promising improved living standards and claiming that the company was backed by a group of analysts based in the United Kingdom.
Abiodun, one of the promoters, said in the footage, “With the help of ST, you will not lose money. All you need to do is follow the order.
They are a group of analysts based in the UK.” The video was recorded on February 10, 2025, during the inauguration of the company’s office in Abuja, where a large crowd was present.
Investigations revealed that the promoters of CBEX managed multiple Telegram groups to maintain a large investor base. The three main groups are:
ST Customer Support – 144,460 members
Newcomer Advance Group – 58,186 members
ST Signal Group IV – 87,864 members
These groups, which operated primarily through UK-based mobile numbers and anonymous profile pictures, played a crucial role in the scheme’s operation.
By the time of the platform’s crash, the membership of these groups had already started to decline, with some accounts flagged as “scams” by Telegram.
The EFCC confirmed that ST Technologies, under the guise of CBEX, was registered as a consultancy business, not as a trading platform.
“The company listed consultancy services as its line of business, but it deviated from this to engage in fraudulent activities,” said EFCC’s spokesperson, Dele Oyewale. The commission has initiated the process to revoke the company’s registration.
The Securities and Exchange Commission (SEC) also issued a statement confirming CBEX’s deceptive activities, revealing that the company engaged in promotional activities to create a false image of legitimacy. SEC said, “CBEX failed to honour withdrawal requests from subscribers and abruptly shut down its offices amid complaints.”
Promoters of CBEX recruited several influencers and radio presenters to market the scheme. The company also established offices in key Nigerian cities such as Abuja, Lagos, and Ibadan. Radio stations, including Orisun FM in Osun State and others in Ibadan, were used to broadcast promotional programs to further deceive the public.
During a five-minute broadcast on Orisun FM, a representative of the scheme claimed, “This scheme is for everyone. Even those selling on the roadside or selling herbal mixtures can invest with us. We want everyone to join us because our intention is to make life easier for Nigerian people.”
Following backlash from the public, especially those affected by the scam, the OSBC management issued a statement condemning the radio program. They confirmed that the presenter had been sanctioned for airing such content.
As part of the ongoing investigation, the EFCC and SEC have also stepped up their efforts to identify and bring the key perpetrators of the fraud to justice.
