An investigation by the Foundation for Investigative Journalism (FIJ) has uncovered some Nigerians allegedly behind Crypto Bridge Exchange (CBEX), a fraudulent investment platform that defrauded Nigerians of approximately ₦1.3 trillion.
Initially presented as a lucrative opportunity with promises of high returns, CBEX collapsed in April, leaving thousands of investors stranded and unable to access their accounts—confirming fears that the scheme had imploded.
Despite early warning signs, many participants remained hopeful until it became evident that their investments were inaccessible.
In response to the fallout, the Economic and Financial Crimes Commission (EFCC) launched an investigation into the scheme, pledging to recover lost funds.
The Securities and Exchange Commission (SEC) also confirmed that CBEX operated illegally, as it was never licensed to conduct business in Nigeria’s capital market.
FIJ’s findings link CBEX to ST Investment Co., Ltd., owned by 55-year-old British national Harold David Charles, who positioned himself as a wealth management expert.
Charles introduced CBEX to Nigerian investors via media campaigns beginning in January 2023.
Although the CBEX platform itself was not registered, a related entity—ST Technologies International—was found to have been incorporated with the Corporate Affairs Commission (CAC) and had obtained an anti-money laundering certificate.
Other affiliated names included Smart Treasure and Super Technology, all sharing the same “S.T.” branding pattern.
Key Nigerian figures involved in promoting the scheme include Adefowora Abiodun and Oluwanisola Adefowora—believed to be either siblings or a couple—as well as Seyi Oloyede and Emmanuel Uko.
These individuals have so far avoided public scrutiny and declined to respond to inquiries.
Meanwhile, the collapse of CBEX has left a trail of financial ruin for many investors, while authorities intensify efforts to apprehend those behind the massive fraud and bring them to justice.
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