A growing scandal has erupted in Nigeria after over 600,000 people lost a staggering ₦1.3 trillion to a fraudulent digital investment platform known as Crypto Bridge Exchange (CBEX). The scheme, which promised unrealistic profits of 100 per cent in 30 days through “AI-powered trading,” has now been exposed as a well-organized Ponzi scheme that preyed on the hopes of everyday Nigerians.
At the heart of the operation is a company called ST Technologies International Limited, registered with the Corporate Affairs Commission (CAC) and the Economic and Financial Crimes Commission’s (EFCC) Special Control Unit Against Money Laundering (SCUML).
The promoters of CBEX allegedly used these official registration documents to give investors a false sense of legitimacy.
One victim who requested anonymity said, “They had certificates from EFCC and CAC, so we thought it was genuine. They even did charity work, paid hospital bills, and opened offices. Everything looked real.”
A Web of Deceit
ST Technologies was registered on September 25, 2024, and later with SCUML on January 16, 2025. Certificates obtained by Saturday PUNCH showed a significant increase in the company’s share capital—from ₦1 million to ₦201 million—raising further suspicions about the scale of the deception.
A video recorded during the February 10, 2025 launch of the Abuja office featured Adefowora Abiodun and Oluwanisola Adefowora, who presented themselves as leaders of the company. They told the crowd that ST Technologies worked with analysts in the UK and that investors could not lose money if they followed instructions.
Abiodun in the viral video said, “With the help of ST, you will not lose money. All you need to do is follow the order.”
The scheme targeted people through aggressive marketing—via radio shows, social media campaigns, and even outreach in schools and churches. Influencers and on-air personalities were reportedly hired to help promote the scheme on radio stations such as Orisun FM in Ile-Ife and others in Ibadan.
One CBEX official said on air, “Even pepper sellers and vegetable traders can benefit from this platform. We want to lift Nigerians out of poverty.”
But the promises were too good to be true.
A Nation Scammed
One of the most high-profile victims is popular Fuji musician Alhaji Taye Adebisi, also known as Taye Currency, who shared a video online lamenting his loss of ₦10 million to CBEX.
He said, “Lateef told me he used ₦200,000 to collect ₦600,000. That was what motivated me. I invested ₦10 million on April 1, but now everything is gone.”
Taye Currency wasn’t alone. Several police officers, entertainers, and traders poured their life savings into the scheme. One police inspector from Osun State sold his car and invested ₦3.2 million.
He said, “It was a stupid mistake I would never make again. The more people I brought in, the more bonuses I earned. I convinced nine people to join.”
A sergeant in Lagos lost ₦4.8 million, money he had collected from tenants in his Ikorodu home.
“Is that something I should be proud of?” he snapped when asked.
Meanwhile, a skit maker in Ilorin said he attempted suicide after losing ₦23 million, hoping to turn it into ₦50 million in just six weeks.
The content creator said via TikTok, “My friend convinced me. He was cashing out big. Now I’ve lost everything.”
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The Telegram Trap
CBEX operated multiple Telegram groups, including ‘ST Customer Support’ (144,460 members), ‘Newcomer Advance Group’ (58,186), and ‘ST Signal Group IV’ (87,864). These were used to share investment signals, updates, and keep users engaged.
Administrators mostly used UK-based phone numbers and anonymous profile pictures. Usernames like @Mentor_LaurafxWilsonn and @Maiy_Aditiii ran the groups.
All three groups were locked down after the crash and flagged as “Scam” by Telegram due to numerous complaints from victims.
EFCC, SEC Step In
The EFCC confirmed the scheme operated through ST Technologies, which was registered as a consultancy firm. According to EFCC spokesperson Dele Oyewale, the company had deviated from its registered business activities.
Oyewale said, “When SCUML discovered that the entity had veered off its line of business, modalities were initiated to withdraw its registration. Work is ongoing. Our international partners are also investigating. We will get to the root of this.”
The Securities and Exchange Commission (SEC) issued a separate statement confirming CBEX operated under “Smart Treasure” or “Super Technology,” and had been involved in creating a false sense of legitimacy to trick the public.
“CBEX failed to honour withdrawal requests and shut down offices abruptly amid mounting complaints,” the SEC stated.
The Road Ahead
As investigations continue, many Nigerians are still struggling to come to terms with their losses. Victims say they borrowed money, sold property, and even took loans to invest in CBEX. The platform had accepted only dollar-denominated investments, with a minimum of $100, and rewarded users for referrals—typical of Ponzi structures.
For now, the names of ST Technologies’ board members remain unknown, and open-source intelligence platforms show no useful company information.
This scheme has once again highlighted the urgent need for financial education, stricter regulation of investment platforms, and stronger due diligence from government agencies before approving business operations.
One victim in tears said, “They fooled the poor and the educated. They fooled us all. And they used government stamps to do it.”