Fresh revelations have exposed Crypto Bridge Exchange (CBEX) 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, claiming artificial intelligence-driven trading as the backbone of its profits. Operating under 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.
Despite appearing legitimate on paper, public records offer little insight into the company’s internal structure.
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 Economic and Financial Crimes Commission (EFCC) has launched formal investigations into the CBEX debacle and initiated steps to deregister ST Technologies. “It wasn’t registered as CBEX. It was registered as ST Technologies… modalities were initiated to withdraw that registration,” confirmed Dele Oyewale, the commission’s Head of Media and Publicity. International partners have also commenced inquiries, and the EFCC assures that work is ongoing to get to the root of the matter.
