Recent revelations have make clear the operations behind Crypto Bridge Trade (CBEX), a digital funding platform now uncovered as a large-scale Ponzi scheme that defrauded over 600,000 Nigerians of an estimated N1.3 trillion.
CBEX promised buyers a staggering 100% return inside 30 days, citing synthetic intelligence-driven buying and selling because the spine of its income.
Working underneath the authorized identify ST Applied sciences Worldwide Restricted, the scheme exploited its formal registration with Nigerian regulatory our bodies to achieve public belief.
Paperwork obtained by journalists confirmed that ST Applied sciences was registered with the Company Affairs Fee (CAC) on September 25, 2024.
The agency later secured clearance from the {Economic} and {Financial} Crimes Fee’s (EFCC) Particular Management Unit Towards Cash Laundering (SCUML) on January 16, 2025.
These certifications, together with one evidencing a rise in share capital from N1 million to N201 million, have been broadly circulated to bolster credibility.
The paperwork proved pivotal in convincing many buyers of the scheme’s authenticity.
Regardless of showing authentic on paper, public information supply little perception into the corporate’s inside construction.
Whereas the CAC web site lists ST Applied sciences as an lively entity, particulars equivalent to board members and firm tackle stay conspicuously absent throughout a number of enterprise verification platforms like NgCheck, Finelib, and B2BHint.
A promotional video aired on ITV earlier this 12 months confirmed people recognized as Adefowora Abiodun and Oluwanisola Adefowora, described as ST Applied sciences’ principal officers. Within the clip, each figures inspired Nigerians to speculate and refer others, promising stability and life-changing returns.
The EFCC has since launched formal investigations and begun steps to deregister the corporate. Dele Oyewale, the fee’s Head of Media and Publicity, acknowledged that though ST Applied sciences registered as a consultancy agency, it violated its declared enterprise mannequin.
The Securities and Trade Fee (SEC) echoed these considerations in a separate assertion, disclosing that CBEX had used promotional techniques to “create a false notion of legitimacy.”
In line with the SEC, the platform did not honour investor withdrawal requests and abruptly shut down its bodily places of work amid rising backlash.
Earlier, NewsWatch.com.ng reported that the {Economic} and {Financial} Crimes Fee (EFCC) had restated its warnings to Nigerians in opposition to falling for high-yield funding schemes, following widespread anger over the collapse of digital buying and selling platform CryptoBank Trade (CBEX), which is on the centre of an alleged ₦1.3 trillion fraud.
Showing on Channels Tv’s The Morning Temporary on Wednesday, EFCC spokesperson Dele Oyewale mentioned the Fee had repeatedly cautioned the general public earlier than the CBEX incident, citing efforts to alert Nigerians to the risks of Ponzi schemes.
Supply: NewsWatch.com.ng
