Investigations by FIJ have revealed the faces of key individuals behind CryptoBridge Exchange (CBEX), a fraudulent investment scheme that scammed Nigerians out of an estimated N1.3 trillion.
CBEX, initially marketed as a quick way to make money without economic value, crashed in April, leaving investors devastated.
As reports emerged, many were unable to access their profile dashboards, confirming the scheme’s collapse. The inability to access personal accounts became a clear indicator that the entire platform had crashed, causing panic among investors who had placed their funds in CBEX, hoping to make quick returns.
Despite the growing evidence of the scam, many investors remained in denial. They initially held on to the hope that the platform would revive itself, only to realize the harsh reality that their funds had been locked away for good. The growing sense of desperation among these investors has intensified as the full extent of the scam became more apparent.
Following the crash, the Economic and Financial Crimes Commission (EFCC) swiftly launched an investigation into CBEX, vowing to recover the lost funds and bring those responsible to justice. The EFCC has been in the process of identifying the individuals and networks that facilitated the fraudulent activities and has made it clear that they will pursue legal actions against those involved.
Additionally, the Securities and Exchange Commission (SEC) confirmed that CBEX was unlicensed, having never received approval to operate within Nigeria’s capital market. This revelation raised even more concerns about the scale of the fraud, as the lack of regulatory oversight allowed CBEX to deceive thousands of Nigerians without any legal accountability.
FIJ’s investigation has identified several individuals who played major roles in promoting the scheme. CBEX was linked to ST Investment Co., Ltd., owned by Harold David Charles, a 55-year-old Briton. Charles, who had presented himself as a wealth management expert, introduced CBEX to Nigeria through media campaigns starting in January 2023. These campaigns were designed to attract unsuspecting investors by promising high returns, which later turned out to be nothing more than a ploy to collect funds without providing any genuine investment opportunities.
The company itself was not registered, although its affiliate, ST Technologies International, was registered with the Corporate Affairs Commission (CAC) and issued an anti-money laundering certificate. This affiliation with a legitimate-sounding entity allowed CBEX to gain some level of trust among potential investors, furthering the deception.
The scheme’s other affiliates included Smart Treasure and Super Technology—dubious names with a consistent use of “S.T.” to create a sense of legitimacy. These affiliates were linked to the core operations of CBEX and were involved in promoting its services to Nigerian investors. However, the operations of these affiliates were just as questionable, with little to no transparency or accountability regarding their financial activities.
Among the identified promoters are Adefowora Abiodun and Oluwanisola Adefowora, whose close association suggests they may be siblings or a couple. These individuals were among those who helped to spread the fraudulent scheme, encouraging others to invest in the platform. Other key figures in the operation include Seyi Oloyede and Emmanuel Uko, both of whom were also involved in promoting CBEX. Despite attempts to contact them for clarification, they have so far evaded any serious questioning or accountability for their roles in the scam.
While the promoters continue to evade questions, investigations into their operations continue. Authorities are working tirelessly to uncover the full extent of the fraud, and there is hope that the perpetrators will eventually face justice. However, for many investors, the damage has already been done, and they are left to cope with the financial devastation caused by their involvement in CBEX.
The aftermath of CBEX’s collapse has left many investors grappling with financial losses. As the investigation unfolds, Nigerian authorities are determined to bring those responsible to justice. The case serves as a stark reminder of the risks associated with unregulated investment schemes and the importance of thorough research before engaging in any financial ventures.