The abrupt collapse of Crypto Bridge Exchange (CBEX), a digital investment platform exposed as a Ponzi scheme, has left thousands of Nigerians in financial ruin—especially investors in the oil and gas sector. Registered under the name ST TECHNOLOGIES LTD, CBEX operated physical offices in Lagos, Abuja, and Ibadan, luring unsuspecting victims with promises of 100% returns in 30 days. According to insiders, downstream oil and gas operators were hit the hardest, with losses within the sector surpassing ₦1 trillion, despite public estimates pegging the overall fraud at around ₦2 trillion.
Sources close to the matter revealed that many of the platform’s internal WhatsApp groups are in turmoil, as some administrators have either gone into hiding or are distancing themselves from the scandal. The fraudulent operation reportedly displayed fake withdrawal records and used aggressive social media marketing to create a false sense of legitimacy. The scale of the deception and the number of people affected has sparked outrage, especially among industry stakeholders who now question the role of regulators in preventing such crises.
Blame has largely fallen on the Securities and Exchange Commission (SEC), which only issued a public warning after the collapse. The commission confirmed that CBEX was never registered to operate as a digital assets exchange in Nigeria. CBEX’s use of aliases, such as ST Technologies and Smart Treasure, further complicated its trail. The SEC stated that the platform’s promotional efforts were aimed at misleading the public and creating an illusion of legality, thereby bypassing investor protections and regulatory oversight.
In response, the SEC has invoked its newly enhanced powers under the Investments and Securities Act 2025 to pursue legal action against CBEX and its promoters. SEC Director General Emomotimi Agama assured the public that the commission would not allow the perpetrators to go unpunished and promised tighter regulation of virtual asset markets going forward. Meanwhile, the federal government has expressed its sympathy for victims and stressed the importance of collective action to combat the rising threat of Ponzi schemes in Nigeria’s financial landscape.
Source: The sun