From Hope To Horror: How CBEX Lured Nigerians Into A ₦1.3 Trillion Financial Nightmare More Details You Need To Know

A comprehensive investigation into the collapse of the Crypto Bridge Exchange (CBEX) has unveiled how its promoters used deceptive tactics to lure over 600,000 Nigerians into investing in a fraudulent digital trading platform.....KINDLY READ THE FULL STORY HERE▶

CBEX had promised investors 100% returns within 30 days, claiming to use advanced AI trading technology. But the platform crashed suddenly on Monday, resulting in a staggering ₦1.3 trillion in losses.

According to findings by Punch, the scheme was operated under the company name ST Technologies International Limited, which was officially registered with the Corporate Affairs Commission (CAC) on September 25, 2024.

Further adding to its air of legitimacy, the company obtained registration from the EFCC’s Special Control Unit Against Money Laundering (SCUML) on January 16, 2025.

Documents reviewed revealed that ST Technologies had increased its issued share capital from ₦1 million to ₦201 million, a move used to falsely bolster investor confidence.

Victims interviewed by Punch said this appearance of credibility, along with high-profile charity efforts like hospital bill payments and medical outreaches, made CBEX seem trustworthy. These PR stunts were part of a calculated strategy to build public trust.

Despite being active on the CAC’s website, ST Technologies did not list its board members or official business address. Moreover, checks on open-source intelligence tools revealed little to no information about the company’s operations.

Leaders Behind the Scam

A television report aired on ITV identified Adefowora Abiodun and Oluwanisola Adefowora as the masterminds behind ST Technologies.

In a video recorded during the launch of their Abuja office on February 10, 2025, the duo addressed a large crowd, urging Nigerians to invest. They claimed the company was backed by a team of UK-based financial analysts.

One of them, Abiodun, declared in the video, “With ST, you will never lose money. Just follow the orders. Our analysts in the UK are here to guide you.”