What many believed to be a golden opportunity to secure wealth in Nigeria’s booming digital finance landscape has instead left thousands in financial ruin. CryptoBridge Exchange (CBEX), a high-yield investment platform that promised quick riches through cryptocurrency trading, has collapsed — and with it, an estimated N1.3 trillion vanished into thin air.
The scheme, which lured investors with guarantees of implausibly high returns, shut down operations in April without notice. Victims reported being locked out of their accounts, unable to make withdrawals, and left with no access to support or redress.
Regulatory Crackdown Begins
Both the Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) have launched investigations into CBEX and its affiliates. The SEC, in a public announcement, clarified that CBEX was never licensed to operate in Nigeria’s capital market.
“CBEX engaged in promotional activities to create a false perception of legitimacy,” the SEC stated. “The scheme abruptly closed its physical offices, failing to honour withdrawal requests amid mounting complaints.”
The Faces Behind the Scheme
At the heart of CBEX is Harold David Charles, a 55-year-old British national and the registered owner of ST Investment Co., Ltd. Through strategic media placements in late January, Charles was positioned as a respected investment expert promoting CBEX as a “safe and transparent” digital trading platform.
While CBEX itself was not registered in Nigeria, its associated entity, ST Technologies International, was registered with the Corporate Affairs Commission (CAC) and even held a SCUML certificate from the EFCC’s anti-money laundering unit—further lending a false sense of legitimacy.
Among the prominent Nigerian figures behind the scheme were Adefowora Abiodun and Oluwanisola Adefowora, who led various promotional activities. Their close relationship—suspected to be familial or marital—remains unclear, but they played a central role in expanding CBEX’s reach.
Also involved were Seyi Oloyede, Emmanuel Uko, and Victor Solomon, who appeared in promotional videos as CBEX team leads. Solomon has remained unreachable since the platform’s collapse.
Flashy Promotions, Hollow Promises
In February, CBEX opened an office in Abuja, where Abiodun publicly declared the platform a path to “living a good life.” Prior to that, a poorly attended seminar in Lagos urged attendees to abandon traditional employment in favour of CBEX’s rapid-profit system.
CBEX’s strategy extended beyond flashy presentations. The company sponsored events like a school inter-house sports competition at MAXFEM International Schools in Lagos. A “Yellow House” was renamed “ST CBEX House,” and students wore branded sportswear bearing the name.
Temitayo Oke, identified as a key promoter from Ibadan, handled the sponsorship, paying N400,000 through an intermediary. However, once the scheme unraveled, he ignored repeated calls from the school’s proprietor, who later admitted he did no background checks before accepting the funds.
The Aftermath
As authorities continue tracking the perpetrators, the true scale of the scam’s impact becomes clearer. Investors—ranging from individuals to entire families—have been left in silence, shock, and regret. While the EFCC promises to recover stolen funds, many fear justice may arrive too late.
CBEX’s fall serves as a grim reminder of the dangers of unregulated digital investments and the importance of thorough due diligence. For now, the victims wait—hoping that some of what was lost might one day be restored.
