CBEX used registered identity to mislead thousands - new findings show

• Over 600,000 Nigerians mislaid a full of N1.3 trillion to CBEX, a fraudulent concern level promising 100% returns done AI trading
• The level operated nether ST Technologies International Ltd, which was legally registered but utilized this to falsely guarantee investors
• The EFCC and SEC person launched investigations, with efforts underway to revoke the company's registration and apprehend those involved

Fresh revelations person shed airy connected the operations down Crypto Bridge Exchange (CBEX), a integer concern level present exposed arsenic a large-scale Ponzi strategy that defrauded implicit 600,000 Nigerians of an estimated N1.3 trillion.

CBEX promised investors a staggering 100% instrumentality wrong 30 days, citing artificial intelligence-driven trading arsenic the backbone of its profits.

Many Nigerians fell unfortunate to the Ponzi Scheme, which absconded with implicit a trillion naira. Photo Credit: Getty Images
Source: Getty Images

CBEX formally registered with CAC

Operating nether the ineligible sanction ST Technologies International Limited, the strategy exploited its ceremonial registration with Nigerian regulatory bodies to summation nationalist trust.

Documents obtained by journalists confirmed that ST Technologies was registered with the Corporate Affairs Commission (CAC) connected September 25, 2024.

The steadfast aboriginal secured clearance from the Economic and Financial Crimes Commission’s (EFCC) Special Control Unit Against Money Laundering (SCUML) connected January 16, 2025.

These certifications, including 1 evidencing an summation successful stock superior from N1 cardinal to N201 million, were wide circulated to bolster credibility.

The documents proved pivotal successful convincing galore investors of the scheme’s authenticity.

“They were besides doing charity, infirmary outreach, paying infirmary bills… it was a coordinated approach,” said 1 unfortunate who requested anonymity.

CBEX provided nary company's address

Despite appearing morganatic connected paper, nationalist records connection small penetration into the company’s interior structure.

CBEX dubiously obtained EFCC and CAC's certifications to contiguous a mendacious quality of authenticity. Image: EFCC/FB
Source: Facebook

While the CAC website lists ST Technologies arsenic an progressive entity, details specified arsenic committee members and institution code stay conspicuously absent crossed aggregate concern verification platforms similar NgCheck, Finelib, and B2BHint.

A promotional video aired connected ITV earlier this twelvemonth showed individuals identified arsenic Adefowora Abiodun and Oluwanisola Adefowora, described arsenic ST Technologies' main officers. In the clip, some figures encouraged Nigerians to put and notation others, promising stableness and life-changing returns.

“With the assistance of ST, you volition not suffer money. All you request to bash is conscionable to travel the order… They are a radical of analysts based successful the United Kingdom,” Abiodun claimed during the February 10 inauguration of the company’s Abuja office.

The EFCC has since launched ceremonial investigations and begun steps to deregister the company. Dele Oyewale, the commission’s Head of Media and Publicity, stated that though ST Technologies registered arsenic a consultancy firm, it violated its declared concern model.

“It wasn’t registered arsenic CBEX. It was registered arsenic ST Technologies… modalities were initiated to retreat that registration,” Oyewale confirmed, adding that planetary partners person besides commenced inquiries.

The Securities and Exchange Commission (SEC) echoed these concerns successful a abstracted statement, disclosing that CBEX had utilized promotional tactics to “create a mendacious cognition of legitimacy.”

According to the SEC, the level failed to honour capitalist withdrawal requests and abruptly unopen down its carnal offices amid increasing backlash.

We saw it coming - EFCC speaks connected 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 concern schemes, pursuing wide choler implicit the illness of integer trading level CryptoBank Exchange (CBEX), which is astatine the centre of an alleged ₦1.3 trillion fraud.

Appearing connected Channels Television’s The Morning Brief connected Wednesday, EFCC spokesperson Dele Oyewale said the Commission had repeatedly cautioned the nationalist earlier the CBEX incident, citing efforts to alert Nigerians to the dangers of Ponzi schemes.

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Source: Legit.ng