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CBEX, a digital asset trading platform, has collapsed, leaving Nigerian investors with losses estimated at ₦1.3 trillion. The scheme, operating without legal approval from the Nigerian Securities and Exchange Commission (SEC), promised high returns but has now been exposed as a Ponzi operation.

HIGHLIGHTS:
  • CBEX was an affiliate of ST Investment Co., Ltd, owned by 55-year-old Briton Harold David Charles.
  • In Nigeria, CBEX operated under ST Technologies International, registered with the Corporate Affairs Commission (CAC).
  • Key individuals associated with CBEX include Adefowora Abiodun (leader), Oluwanisola Adefowora (representative), Seyi Oloyede, and Emmanuel Uko.
  • The SEC confirmed that CBEX was unlicensed and engaged in deceptive promotional activities.
  • The Economic and Financial Crimes Commission (EFCC) has initiated investigations into the scheme.
The CBEX debacle highlights a recurring issue in Nigeria's financial landscape: the allure of quick, high returns leading to widespread exploitation. Despite previous scams, many Nigerians continue to fall prey to such schemes, underscoring the need for better financial literacy and regulatory oversight.

As investigations continue, the hope is that justice will be served, and lessons will be learned to prevent future financial deceptions. Stay informed and cautious in your investment choices.