In a gut-wrenching blow to millions of Nigerians, fraudulent investment schemes like Crypto Bridge Exchange (CBEX) and Chinmark have swindled over N1.3 trillion from desperate investors, leaving a trail of shattered dreams and empty wallets. These scams, cloaked in promises of quick riches, have exposed the dangers of unchecked greed and regulatory failures, plunging families into financial ruin across the nation.
CBEX, a digital trading platform, lured Nigerians with dazzling claims of 100% returns in just 30 days. Operating under the guise of ST Technologies International Limited, it reeled in 600,000 investors before collapsing in April 2025. Similarly, Chinmark, a scheme promising high returns through hospitality and logistics investments, crashed in 2022, defrauding 4,500 people of over N10 billion. Both schemes thrived on slick marketing, fake testimonials, and the allure of easy money, exploiting Nigeria’s economic hardships—high inflation and unemployment—that push people to seek risky shortcuts to wealth.
The masterminds behind these scams are now on the run. The Economic and Financial Crimes Commission (EFCC) has declared eight CBEX operators wanted, including four Nigerians—Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, and Adefowora Abiodun Olaonipekun—and four Kenyans, all suspected of orchestrating the fraud. Chinmark’s founder, Mark Chinedu, has denied wrongdoing, but investors have seen no refunds. The EFCC is collaborating with Interpol to track these fugitives, while a Federal High Court in Abuja has greenlit the arrest of six CBEX promoters for defrauding investors of N1 billion.
These scams unfolded under the nose of Nigeria’s regulators. The Securities and Exchange Commission (SEC) has admitted CBEX was never registered, operating illegally for nine months. Despite its registration with the Corporate Affairs Commission and the EFCC’s Special Control Unit Against Money Laundering, CBEX evaded scrutiny, using these credentials to gain trust. The SEC’s Director-General, Emomotimi Agama, has warned that recovering the N1.3 trillion is unlikely, a bitter pill for victims like Yetunde Olakunle, a grocery store owner in Ibadan who lost N700,000 meant to restock her shop.
The fallout has been devastating. In Ibadan’s Oke Ado, furious victims looted CBEX’s affiliate office, Smart Treasure, in a desperate bid to reclaim losses. From Lagos undergraduates to roadside traders, the pain is national. Samuel, a Lagos student, lost N150,000 meant for school fees, while Uloma Anyadike, a bakery owner, is now in court after losing N1 million. Nigeria has a grim history of such scams—MMM in 2016 wiped out N18 billion, and the Nigeria Deposit Insurance Corporation estimates N2 trillion lost to Ponzi schemes over the past decade.
The schemes preyed on Nigerians’ hopes, using AI-generated profit screenshots and celebrity endorsements to build trust. CBEX even resumed operations in May 2025, defying an SEC ban and offering new withdrawal options to lure fresh victims, despite ongoing EFCC probes. This brazen move has sparked outrage and renewed calls for stricter regulations to protect vulnerable investors.
As Nigerians grapple with this financial catastrophe, the CBEX and Chinmark disasters serve as a stark warning: if it sounds too good to be true, it probably is. The scars of these scams will linger, but they also ignite a burning question.
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