Inside Nigeria’s Biggest Ponzi Collapse: How CBEX Lured 600,000 Victims with A.I Promises and Disappeared with N1.3tn

 

A Grand Illusion: How CBEX Built a Tower of Lies That Crushed 600,000 Nigerians

In what is now considered one of the most devastating investment scams in Nigeria’s financial history, the fraudulent crypto platform, Crypto Bridge Exchange (CBEX), masquerading under the corporate name ST Technologies International Limited, collapsed earlier this week, leaving a trail of heartbreak, financial ruin, and unanswered questions in its wake.

By the time the platform imploded, over 600,000 Nigerians had reportedly poured in a staggering N1.3 trillion into what many believed was the future of AI-powered digital trading. Now, all that remains are Telegram groups marked as Scam, locked offices, and a digital wasteland of broken promises.

A Wolf in Digital Clothing

CBEX did not appear overnight. It was the product of a meticulous, well-orchestrated confidence game. The scheme promised investors a 100 percent return within 30 days, all thanks to a supposedly sophisticated AI trading engine operating behind the scenes.

With certificates from the Corporate Affairs Commission (CAC) and the Economic and Financial Crimes Commission’s (EFCC) Special Control Unit Against Money Laundering in hand, the promoters offered legitimacy on paper—enough to sway even the most skeptical investor.

According to official documentation, ST Technologies International Limited was registered on September 25, 2024. Later, on January 16, 2025, the company was enrolled under the EFCC’s anti-money laundering unit, giving the illusion of compliance and regulation.

A certificate confirming an increase in share capital from N1 million to a whopping N201 million added another layer of legitimacy. The expansion was supposedly to accommodate the scale of the digital trading revolution CBEX was offering. But behind these glossy documents and high promises lay a pyramid built on referrals, misinformation, and manipulation.

Faces Behind the Curtain

While the platform's official front was sleek, its inner workings remained in the shadows. Videos aired on Nigerian television introduced Adefowora Abiodun and Oluwanisola Adefowora as the Nigerian representatives and faces of the operation.

They made compelling public appearances, including at the inauguration of the Abuja office on February 10, 2025, where they addressed a cheering crowd with confidence.

“With the help of ST, you will not lose money,” one of them declared in a promotional event. “Just follow the signals—they are analysts from the United Kingdom.”

In truth, behind those confident claims were Telegram accounts using animated avatars, hiding their identities, and operating with UK-registered phone numbers. Usernames like @Mentor_LaurafxWilsonn and @Maiy_Aditiii ran CBEX’s vast communication web across at least three large Telegram groups—some with over 140,000 members. As the scheme unraveled, these accounts were flagged for fraud and locked by Telegram.

Targeted Deception

The scam didn’t rely on tech-savvy marketing alone. CBEX used a combination of emotional manipulation, widespread advertising, and grassroots outreach. Promoters took the message to radio stations such as Orisun FM and partnered with social media influencers, radio presenters, and even church groups. They were visible at community events, hospital outreaches, and even hosted charity drives—cleverly wrapping the scam in a veil of social responsibility.

In a now-viral promotional clip aired on local radio, a CBEX official pitched:
“Even those selling pepper and vegetables in the market can join us. This scheme is for everyone.”

Their strategy worked. From market traders to entertainers, and even police officers, Nigerians were swept up in the dream of quick wealth.

When the Music Stopped

By mid-April, the platform suddenly crashed. Users were unable to withdraw their funds, and the Telegram channels were frozen. CBEX's physical offices in major cities like Abuja, Lagos, and Ibadan were shut down without warning.

As the news spread, panic and confusion erupted. One of the most heart-wrenching reactions came from Fuji music icon Alhaji Taye Adebisi, popularly known as Taye Currency. In a video posted online, the singer lamented the N10 million loss he incurred.

“Lateef told me he made N600,000 from N200,000 and I got motivated,” he explained. “I withdrew money saved with my insurance and invested N10 million. Now it’s all gone.”

His story wasn’t unique. Others shared similar experiences—some sold cars, others took loans, and a few even invested stolen or borrowed funds, all in hopes of doubling their money in a month. A police inspector in Osun sold his car and invested N3.2 million. Another officer in Lagos staked his tenants' rent and lost N4.8 million. A skit maker in Ilorin who put in N23 million tried to end his life when the platform collapsed.

‘Built to Fail’

For Ojukwu Emmanuel, a US-based crypto analyst, the warning signs were always there.

“No legitimate trading platform guarantees a 10% daily return regardless of market volatility,” he said in an interview. “It was clearly too good to be true. They claimed AI trading, but it was just a smokescreen for a classic Ponzi operation.”

Emmanuel added that CBEX was intentionally designed to look legitimate, with a professional interface and clever branding. The name even echoed a legitimate Chinese government-backed financial entity, which further helped convince investors.

“They used AI and crypto buzzwords as bait,” he said. “But it was always a trap.”

Regulatory Oversight in Question

The scheme’s collapse has sparked fierce criticism against Nigeria’s financial watchdogs. Many questioned how such a massive scam could operate so openly without intervention.

On March 11, the EFCC published a list of 58 suspected Ponzi platforms—but CBEX was not among them.

This omission, according to human rights lawyer Inibehe Effiong, was an institutional failure.

“The EFCC should have flagged this earlier,” he said. “It shows the urgent need for a proactive, not reactive, regulatory framework in the investment sector.”

Damage Control and Investigations

The EFCC has since confirmed that CBEX was not registered under that name but operated as ST Technologies International Limited, with “consultancy” listed as its business line. Now, the anti-graft agency says it has commenced the process of de-registration and is working with international agencies to track the perpetrators.

“We are on it. Work is ongoing,” said Dele Oyewale, the EFCC’s spokesperson. “Our international partners are already investigating.”

Similarly, the Securities and Exchange Commission (SEC) has launched a parallel investigation, stating that CBEX had created “a false perception of legitimacy” through promotional stunts and advertising campaigns designed to lure unsuspecting Nigerians.

A National Reckoning

The CBEX fiasco is more than just a cautionary tale about greed—it reflects a deeper vulnerability in Nigeria’s digital finance landscape. With rising economic hardship and dwindling job opportunities, the appeal of fast-money schemes is only growing.

Victims, meanwhile, are left to pick up the pieces.

“I took a N500,000 loan believing I would triple it in a month,” said one investor. “Now, I’m in debt, and no one is answering our calls.”

Another summed it up more painfully: “I thought I was investing in a future. Turns out, I was funding someone else’s exit plan.”