CBEX Obtained CAC, EFCC Clearances to Convince Thousands of Nigerians, Findings Show
- Over 600,000 Nigerians lost a total of N1.3 trillion to CBEX, a fraudulent investment platform promising 100% returns through AI trading
- The platform operated under ST Technologies International Ltd, which was legally registered but used this to falsely assure investors
- The EFCC and SEC have launched investigations, with efforts underway to revoke the company's registration and apprehend those involved
Fresh revelations have shed light on the operations behind Crypto Bridge Exchange (CBEX), a digital investment platform now exposed as a large-scale Ponzi scheme that defrauded over 600,000 Nigerians of an estimated N1.3 trillion.
CBEX promised investors a staggering 100% return within 30 days, citing artificial intelligence-driven trading as the backbone of its profits.
Source: Getty Images
CBEX formally registered with CAC
Operating under the legal name ST Technologies International Limited, the scheme exploited its formal registration with Nigerian regulatory bodies to gain public trust.
Documents obtained by journalists confirmed that ST Technologies was registered with the Corporate Affairs Commission (CAC) on September 25, 2024.
The firm later secured clearance from the Economic and Financial Crimes Commission’s (EFCC) Special Control Unit Against Money Laundering (SCUML) on January 16, 2025.
These certifications, including one evidencing an increase in share capital from N1 million to N201 million, were widely circulated to bolster credibility.
The documents proved pivotal in convincing many investors of the scheme’s authenticity.
“They were also doing charity, hospital outreach, paying hospital bills… it was a coordinated approach,” said one victim who requested anonymity.
CBEX provided no company's address
Despite appearing legitimate on paper, public records offer little insight into the company’s internal structure.
Source: Facebook
While the CAC website lists ST Technologies as an active entity, details such as board members and company address remain conspicuously absent across multiple business verification platforms like NgCheck, Finelib, and B2BHint.
A promotional video aired on ITV earlier this year showed individuals identified as Adefowora Abiodun and Oluwanisola Adefowora, described as ST Technologies' principal officers. In the clip, both figures encouraged Nigerians to invest and refer others, promising stability and life-changing returns.
“With the help of ST, you will not lose money. All you need to do is just to follow the order… They are a group of analysts based in the United Kingdom,” Abiodun claimed during the February 10 inauguration of the company’s Abuja office.
The EFCC has since launched formal investigations and begun steps to deregister the company. Dele Oyewale, the commission’s Head of Media and Publicity, stated that although ST Technologies registered as a consultancy firm, it violated its declared business model.
“It wasn’t registered as CBEX. It was registered as ST Technologies… modalities were initiated to withdraw that registration,” Oyewale confirmed, adding that international partners have also commenced inquiries.
The Securities and Exchange Commission (SEC) echoed these concerns in a separate statement, disclosing that CBEX had used promotional tactics to “create a false perception of legitimacy.”
According to the SEC, the platform failed to honour investor withdrawal requests and abruptly shut down its physical offices amid growing backlash.
We saw it coming - EFCC speaks on crashed ponzi scheme
Earlier, Legit.ng reported that the Economic and Financial Crimes Commission (EFCC) had restated its warnings to Nigerians against falling for high-yield investment schemes, following widespread anger over the collapse of digital trading platform CryptoBank Exchange (CBEX), which is at the centre of an alleged ₦1.3 trillion fraud.
Appearing on Channels Television’s The Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale said the Commission had repeatedly cautioned the public before the CBEX incident, citing efforts to alert Nigerians to the dangers of Ponzi schemes.
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Source: Legit.ng
