Based on publicly accessible information, Nigerian leaders and promoters of the CBEX scam operation have been exposed.
Nigerian promoters of the pyramid scam have been revealed, while Nigerian investors in the collapsing Ponzi cryptocurrency platform, CryptoBridge Exchange – CBEX, continue to regret their actions for investing.
Following its collapse on April 14, 2025, thousands of investors were left without access to their funds as CBEX continued to operate without registration or supervision from Nigeria’s Securities and Exchange Commission (SEC).
An extensive investigation into an alleged ₦1.3 trillion scam that was carried out through the digital investment platform, CryptoBank Exchange (CBEX), has been launched by the Economic and Financial Crimes Commission (EFCC) in conjunction with INTERPOL.
Dele Oyewale, the spokesperson for the Economic and Financial Crimes Commission (EFCC), echoed previous warnings about unregistered trading platforms, advising Nigerians to be wary of entrusting their money to any business that hasn’t obtained the proper registrations.
In addition, the Securities and Exchange Commission (SEC) made a public statement stating that the scheme was not licensed and did not have permission to operate in the capital market of the country.
It partly read, “Neither CBEX nor any of its known affiliates has been registered by the Commission to perform any capital market activity”
“Preliminary investigations carried out by the Commission have revealed that CBEX engaged in promotional activities to create a false perception of legitimacy, in order to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe. CBEX has failed to honour withdrawal requests from their subscribers and abruptly closed their physical offices, amid mounting complaints.”
Based on the evidence that is publicly available, FIJ was able to track down several persons who have been recognized as leaders and promoters of the fraudulent scheme at CBEX.
In Nigeria, CBEX was a subsidiary or affiliate of ST Investment Co., Ltd, which was owned by Harold David Charles, a Briton, aged 55.
Between January 27 and 28, the company made its way into Nigerian society and the public eye through media articles, promoting Charles as an accomplished wealth manager and investment specialist.
The cross-published report stated in part, “It is worth mentioning that ST Investment Co. Ltd has also established an important strategic partnership with CryptoBridge Exchange. With his forward-looking strategic vision, Harold David Charles promotes cooperation between the two parties to provide investors with a safe, efficient and transparent digital asset trading environment.”
Behind the fraudulent crypto exchange were people like Adefowora Abiodun and Oluwanisola Adefowora, both leaders and representatives of CBEX, respectively. It was also revealed that Emmanuel Uko and Seyi Oloyede were members of CBEX.
On February 10, Abiodun led his team to open a CBEX office in Abuja. Abiodun said, “I am introducing this platform to you again. It is called 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 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.”
A seminar in Lagos was held over two months ealier, on November 30, by the dubious platform’s advocates. They urged the audience to enroll, bring their “friends and enemies” to sign up, quit their paying jobs, and earn a month’s income in a day.
The seminar was barely attended. A video report listed Victor Solomon as the team head.
The marketers of CBEX funded various programs, such as inter-house sports at schools, in an effort to win over potential investors.
They also held posh seminars in pricey hotel rooms and at roadshows, sending out agents to recruit new subscribers. On the school’s Facebook page, during the inter-house sports competition on February 10th, the administration of MAXFEM International Schools in Alagbado, Lagos, gave the CBEX promoters a “Yellow House” to commemorate the scheme.
Speaking to FIJ on Friday, Olufemi Stephen Oguntola, the school owner claimed that he was unaware of CBEX until a friend introduced him to Temitayo Oklet (Temitayo Oke), a prominent promoter from Ibadan, Oyo State.
“A friend of mine, who knew we were yet to get a sponsor for our Yellow House, connected me with Temitayo, and we agreed on N400,000 as a sponsorship fee. He paid it through my friend.
“He told me that ‘ST CBEX House’ was their preferred name, and that was why we wrote it on the children’s sportswear. I had never seen him until the competition day and after that day, I have not seen him again. When I heard of the problem, I called him several times but he ignored my calls.”
Oguntola said he didn’t research CBEX before taking the sponsorship.
“I did not do any background checks. I accepted their offer because a friend of my mine was the link between us. He also invested in the scheme and lost about $10,000, with the exception of the subscribers affiliated with him.”