CBEX: Names, Faces Allegedly Behind N1.3 Trillion Ponzi Scheme as EFCC Vows Crackdown
- The Nigerian Securities and Exchange Commission has disclosed that the collapsed Ponzi platform, CBEX, was not registered to operate in the digital asset space
- The commission disclosed that CBEX and its affiliates were not approved in Nigeria, but operated with a promise of a quick return on investment
- However, internet searches identified names and persons allegedly behind the collapsed platform, disappearing with over N1 trillion of investors' money
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Following the collapse of the Ponzi scheme, CBEX, the Nigerian Securities and Exchange Commission (SEC), warned that the platform was not registered and had no license to operate.
The SEC clarified that neither CBEX nor its affiliates were approved by the commission to operate as a Digital Assets Exchange, solicit investments from the public or perform any other function in the Nigerian capital market.
Source: Getty Images
SEC denies CBEX and its affiliates
The commission disclosed that its investigation shows that CBEX engaged in promotional activities, creating a false image of legitimacy to lure gullible investors with a promise of bogus returns within a short time.
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The capital market regulator said CBEX failed to honour withdrawal requests from investors and abruptly closed their physical offices.
CBEX embarks on media campaign
However, following publicly available information, an investigative platform, the Foundation for Investigative Journalism (FIJ), tracked the alleged individuals who were publicly identified as leaders and promoters of CBEX.
CBEX was partly launched in Nigeria, embarking on a media blitz between January 27 and 28, and positioning itself as a reliable investment platform.
Findings show that Harold David Charles emerged as the leader of the IT Investment Co. Ltd, the parent company of CBEX.
CBEX’s CEO identified
In a publication in a national daily on January 28, Charles was named the CEO with 14 years of experience in the financial industry, creating insights into market trends, and leading CBEX to ‘innovate and make breakthroughs in the investment field.’
“CEO Harold David Charles played a vital role as the helmsman. With 14 years of rich experience in the financial industry, he has accurate insights into market trends and leads the company to continuously innovate and make breakthroughs in the investment field,” the report said.
According to CBEX, it established a strategic partnership with CryptoBridge Exchange.
CBEX was floated and promoted by ST Technology International, which was registered with the Corporate Affairs Commission (CAC), and given an anti-money laundering certification by EFCC’s Special Control Unit Against Money Laundering (SCUML) on January 26, 2025.
It had other affiliates such as Smart Treasure and Super Technology, maintaining consistency with the initials, S.T.
Names behind CBEX
FIJ reported that behind CBEX were names like Adefowora Abiodun and Oluwanisola Adefowora, leaders and representatives of the Ponzi scheme.
Others include Seyi Oloyede and Emmanuel Uko, who are identified as members of the CBEX.
Abiodun introduced CBEX to Nigerians on February 10, 2025, in its Abuja office.
He said:
“I am introducing this platform to you again. It is called the 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 don't 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.”
According to internet searches, another person involved with and promoted CBEX was Temitayo Oke, a key promoter in Ibadan, whose Facebook page was identified as the Oklet CBEX ST Team group.
Source: Getty Images
Checks showed that the page promoted CBEX activities passionately until March 13, 2025, when problems surfaced in the Ponzi scheme.
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CBEX: 5 Key things to know about Ponzi scheme that recently crashed and defrauded Nigerians
Legit.ng earlier reported that many Nigerian investors lost their life savings after CBEX, an unsecured and unregistered digital trading platform, crashed on Monday, April 14, 2025.
A previous Legit.ng report disclosed that the platform became unavailable and inaccessible to users seeking to withdraw their funds on Tuesday, April 15, 2025, leading to the belief that it had crashed.
Before the crash on Monday, April 14, 2025, the platform had prided itself as a high-yield investment firm, promising investors a 100% return within a month.
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Source: Legit.ng
