Shady Faces Behind CBEX Scam That Swindled N1.3 Trillion

By Newsroom

Administrator

Newsroom

Posted: April 18, 2025 at 5:37 pm, Updated: April 18, 2025 at 5:37 pm

CBEX Scam

Shady Faces Behind CBEX Scam That Swindled N1.3 Trillion Has Been Exposed

What seemed like a golden opportunity to make easy money fast has now turned into a tale of betrayal, loss, and unhealed wounds for thousands of Nigerians who trusted CryptoBridge Exchange, better known as CBEX.

CBEX promised big gains through digital asset trading and investments. But instead of delivering profits, it left its investors high and dry—vanishing into thin air with billions in their pockets.

Let’s break it down.

This fraudulent scheme operated like a classic Ponzi model. There was no real economic value being created. Instead, new investors’ funds were used to pay off earlier ones, giving the illusion of profits—until the music stopped.

By April, alarm bells started ringing. Reports came in from all directions that CBEX had collapsed. Still, many didn’t believe it. They clung to hope—until they were suddenly locked out of their dashboards without any warning.

It was over.

Their money was gone.

No notifications. No apologies. Just vanishing acts.

Estimates now suggest the damage is over ₦1.3 trillion. That’s not pocket change—that’s enough to fund many state budgets or build several roads, schools, and hospitals.

Following the collapse, Nigeria’s anti-corruption agency—the Economic and Financial Crimes Commission (EFCC)—swung into action. They opened investigations and promised to trace and recover what they could.

Then, on Thursday, the Securities and Exchange Commission (SEC) issued a bold public statement. It confirmed what many had feared all along—CBEX was never licensed, never registered, and never had permission to operate in Nigeria’s capital market.

“The Commission hereby clarifies that neither CBEX nor its affiliates were granted registration by the Commission at any time to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function within the Nigerian capital market,” the SEC said on X.

Their preliminary findings showed CBEX had spent time building a fake image of legitimacy. They pushed flashy ads, bold claims, and “guaranteed returns” to bait unsuspecting people. It worked. Thousands got hooked.

But as withdrawal requests piled up, CBEX simply ignored them. Then they pulled the ultimate move—shutting down their offices and cutting off communication.

The brains behind CBEX

So, who exactly was behind this disaster?

CBEX was a ghost company. It didn’t even exist officially in Nigeria’s business registry. But it operated under the wings of ST Investment Co., Ltd, a foreign company tied to Harold David Charles, a 55-year-old Briton.

Charles was promoted through Nigerian media in late January 2024 as a top-tier investment expert. The carefully curated media blitz made him look like a trusted wealth manager with a visionary strategy.

One archived report even stated:

“It is worth mentioning that ST Investment Co., Ltd has also established an important strategic partnership with CryptoBridge Exchange. With his forward-looking strategic vision, Harold David Charles promotes cooperation between the two parties to provide investors with a safe, efficient and transparent digital asset trading environment.”

The truth? Smoke and mirrors.

CBEX was reportedly floated by another shell—ST Technologies International—which was at least registered with Nigeria’s Corporate Affairs Commission (CAC). They even held a money laundering clearance certificate from the EFCC’s Special Control Unit Against Money Laundering (SCUML).

That’s right—they had just enough documentation to appear real on paper.

The certificate (SC 251514550) was issued on January 26, barely days before they launched their media campaign. Other fake-sounding affiliates popped up too—Smart Treasure and Super Technology—all using the same “S.T.” initials. Coincidence? Hardly.

Among the Nigerians fronting the scam were Adefowora Abiodun and Oluwanisola Adefowora, believed to be either siblings or a couple. They were CBEX’s key leaders and representatives in the country.

Others like Seyi Oloyede and Emmanuel Uko were named as CBEX team members.

On February 10, Abiodun proudly unveiled a CBEX office in Abuja. Standing tall, he said:

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“I am introducing this platform to you again. It is called ST CBEX platform where we trade every day, we make money and we live a good life. We encourage our people and we also bring people onboard so that you need to make money [alone], you don’t need to live a good life [alone]. Tell people about it. Let people know, let them come onboard and enjoy life.”

That speech aged like milk.

Aggressive marketing, loud promises

Before the crash, CBEX promoters hosted seminars—some poorly attended, others more glitzy—where they painted salary jobs as outdated. One Lagos event on November 30, 2023, encouraged attendees to bring “friends and enemies” to join, promising that one could earn a full month’s salary in a single day.

Victor Solomon, displayed in a video as a “team lead”, ignored calls and messages from reporters. His line was unreachable.

CBEX wasn’t just selling dreams—they went full-blown PR. They sponsored flashy seminars, funded school events, and sent agents to aggressively recruit new investors.

In one case, they backed an inter-house sports competition at MAXFEM International Schools in Alagbado, Lagos. The school even renamed one house “Yellow House” to “ST CBEX House”.

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Olufemi Stephen Oguntola, the school’s owner, gave more insight. He said someone named Temitayo Oklet (Oke), a promoter from Ibadan, Oyo State, approached him through a mutual friend. The deal? A ₦400,000 sponsorship. Oguntola never met Oklet until the day of the event—and never saw him again.

“A friend of mine, who knew we were yet to get a sponsor for our Yellow House, connected me with Temitayo, and we agreed on N400,000 as a sponsorship fee. He paid it through my friend,” Oguntola explained.

“He told me that ‘ST CBEX House’ was their preferred name, and that was why we wrote it on the children’s sportswear.”

When news of CBEX’s collapse broke, Oguntola said he tried to reach Temitayo.

“I called him several times but he ignored my calls.”

Asked if he did any checks before allowing the sponsorship, Oguntola admitted:

“I did not do any background checks. I accepted their offer because a friend of mine was the link between us. He also invested in the scheme and lost about $10,000, with the exception of the subscribers affiliated with him.”

CBEX’s top faces are now unreachable. No public statements. No accountability. Just ghosted.

Nigerians are left with heartbreak, lost life savings, and unanswered questions. Some victims invested millions. Others sold land. A few borrowed from family and friends, hoping CBEX would turn their lives around.

What they got instead was betrayal.

The EFCC and SEC have promised to act. But recovering such huge amounts in a crypto-driven scam won’t be easy.

At the moment, the only certainty is this: CBEX will go down as one of Nigeria’s most audacious investment scams in recent memory.