Crypto Mirage: How CBEX Vanished with ₦1.3 Trillion and Unmasked Its Masterminds

In what is now described as one of the most devastating financial scams in Nigeria’s history, the fraudulent investment platform CryptoBridge Exchange (CBEX) has collapsed, dragging over ₦1.3 trillion of Nigerians’ hard-earned money into oblivion. After months of whispers and anxious speculation, a bombshell investigation by the Foundation for Investigative Journalism (FIJ) has finally unmasked the faces and names behind the elaborate Ponzi scheme that promised wealth but delivered heartbreak on a national scale.

CBEX first surfaced on the digital investment scene with slick promotions and compelling promises—sell dreams, reap millions, and do so without any real economic value. By early 2023, it had woven itself into Nigeria’s digital landscape through social media, influencer endorsements, and word-of-mouth marketing. The scheme, which marketed itself as a crypto trading platform, quickly gained traction among hopeful Nigerians looking for a shortcut through the country's economic turbulence.

But in April 2025, that illusion shattered. Panic spread like wildfire as users discovered they could no longer log in to their dashboards. Withdrawals froze. Customer support lines fell silent. The glossy digital veneer crumbled to reveal an empty shell—no funds, no structure, no rescue. It was the end of the road for thousands of investors, many of whom had emptied life savings, borrowed money, or pooled community funds into the scheme.

The fallout was instant and severe. Financial ruin, depression, confusion, and disbelief swept across the nation. Victims, ranging from students to retirees, from market women to tech-savvy professionals, were left grasping for answers. For many, the worst part wasn't just the loss—it was the betrayal.

Following the crash, the Economic and Financial Crimes Commission (EFCC) swung into action, launching an extensive investigation into the fraudulent empire. The Securities and Exchange Commission (SEC) issued a damning statement confirming that CBEX was never licensed to operate in Nigeria. It was a ghost in the system, with no regulatory approval, no financial oversight, and no accountability.

But who orchestrated this elaborate ruse?

The FIJ’s investigation peeled back the layers of CBEX’s shadowy structure and spotlighted the key figures behind the scam. At the heart of the operation was a 55-year-old Briton named Harold David Charles. Marketed as a wealth management expert with a flair for crypto innovation, Charles was the public face of CBEX, launching its campaign in Nigeria in January 2023. His credentials were glossy, but the trail behind him wasn’t.

Though Charles fronted as the brains behind the company, CBEX itself wasn’t even registered in Nigeria. Its so-called affiliate, ST Technologies International, was registered with the Corporate Affairs Commission (CAC) and held an anti-money laundering certificate—more of a smoke screen than a safeguard. It was part of a confusing network of related entities like ST Investment Co., Ltd., Smart Treasure, and Super Technology, all designed with just enough legitimacy to pass the smell test.

Digging deeper, FIJ exposed a circle of local collaborators who played critical roles in marketing and expanding CBEX’s reach. Among the names that surfaced were Adefowora Abiodun and Oluwanisola Adefowora—two individuals whose close ties have sparked speculation about whether they are siblings or spouses. They were deeply involved in outreach and onboarding, drawing in investors through webinars, seminars, and trust-based campaigns within religious and community groups.

Other notable figures include Seyi Oloyede and Emmanuel Uko, who allegedly operated behind the scenes, managing financial inflows and providing technical support that masked the hollow nature of the operation. These individuals are now persons of interest to the EFCC, with sources close to the investigation revealing that several of them have gone into hiding or are dodging authorities.

While the full extent of CBEX’s deception is still being unraveled, what is clear is that the fraud ran deep and wide. Many investors ignored early red flags, swayed by testimonials, fabricated profit screenshots, and the fear of missing out. Some even reinvested their initial gains, unaware that those “profits” were merely payouts from newer investors’ funds—a classic Ponzi scheme in motion.

The emotional and psychological toll of the collapse has been immense. Online support groups for victims have sprung up, with heart-wrenching stories pouring in daily. One teacher from Enugu shared how she lost her entire pension savings, while a small business owner in Lagos confessed he had taken out a loan to invest. Many victims are still clinging to the hope that justice will prevail and at least some of the funds recovered.

Meanwhile, the EFCC has vowed to pursue the culprits to the ends of the earth. In a statement released shortly after the names were published, the commission affirmed that arrests are imminent, and all properties linked to CBEX figures will be frozen and possibly liquidated to compensate victims. Legal proceedings are also underway to extradite Harold David Charles and ensure he faces the full weight of Nigerian law.

This incident has once again sparked debate about the need for stricter financial regulations in Nigeria’s crypto and online investment space. While the digital economy offers immense opportunities, it remains a fertile ground for fraudsters exploiting the regulatory gaps and the economic desperation of ordinary citizens.

As the dust settles on the CBEX catastrophe, a hard lesson remains: if it sounds too good to be true, it probably is. In an age of digital promises and crypto fantasies, Nigerian investors are being urged to exercise extreme caution, demand transparency, and most importantly, verify before they trust.

The CBEX saga is far from over. But for now, the veil has been lifted. The faces have been unmasked. And the nation watches, waiting for justice to be served.