The Foundation for Investigative Journalism (FIJ) has revealed the faces of individuals allegedly part of CBEX’s fraudulent activity that has led to the loss of trillions of Naira.
CBEX, which is widely known for its claim of enabling users to make lots of money via investment and trading, crashed in April, leaving investors devastated as many couldn’t access their profile dashboards.
Since the widespread of the incident, the EFCC had vowed to investigate and also promised recovery of funds. About the same time, the SEC (Securities and Exchange Commission) confirmed that CBEX was unlicensed, having no approval to operate in Nigeria’s capital market.
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The FIJ investigation has led to some individuals who played major roles in promoting the scheme. They confirmed the CBEX was linked to a 55-year-old Briton named Harold David Charles.
Wealth management expert Charles introduced CBEX to Nigeria through social media campaigns in 2023.
The company itself was not registered, although its affiliate, ST Technologies International, was registered with the Corporate Affairs Commission (CAC) and issued an anti-money laundering certificate.
The scheme’s other affiliates included Smart Treasure and Super Technology—dubious names with a consistent use of “S.T.”
The identified promoters include Adefowora Abiodun and Oluwanisola Adefowora, whose close connection indicates they might be siblings or partners. Additional notable individuals are Seyi Oloyede and Emmanuel Uko.
While the promoters continue to evade questions, investigations into their operations continue.
