Nigerians have lost N1.3 trillion to the collapse of CBEX, a digital investment platform that promised 100% profit after 30 days of purported AI trading. The scheme, operated by ST Technologies International Limited, attracted over 600,000 investors before its collapse.
The company’s registration certificates, obtained by PUNCH correspondents, showed that ST Technologies was registered with the Corporate Affairs Commission on September 25, 2024, and the Economic and Financial Crimes Commission’s Special Control Unit Against Money Laundering on January 16, 2025.
Some victims told PUNCH that the registration certificates gave them confidence in the scheme’s authenticity. One investor said, “They were also doing charity, hospital outreach, paying hospital bills… it was a coordinated approach.”
A video clip showed the company’s leader, Adefowora Abiodun, encouraging Nigerians to invest, claiming, “With the help of ST, you will not lose money. All you need to do is just to follow the order.
Experts warned that Ponzi schemes thrive on greed and ignorance, promising unrealistically high returns with little risk. They advised investors to be cautious and do their research, verifying a company’s legitimacy and business model before investing.
“If it sounds too good to be true, it probably is,” they cautioned. “Legitimate investments carry some degree of risk, and genuine opportunities will never guarantee endless, risk-free profit.”
The experts also emphasised the importance of financial literacy in protecting oneself from Ponzi schemes. “Educate yourself about how investments work and how to identify potential scams,” they advised. “Informed decision-making is the key to protecting your finances and building a secure future.”
The promise of quick wealth might sound tempting, but the long-term consequences are not worth the risk. In a world where the promise of quick riches often clouds judgement, it’s essential to approach any investment opportunity with caution and diligence.
Ponzi schemes thrive on the allure of high returns, the lack of transparency, and the pressure to act quickly. However, by staying informed, conducting thorough research, and being sceptical of promises that sound too good to be true, you can protect yourself from falling victim to these scams.
Remember, building wealth is a gradual process that requires patience, knowledge, and informed decisions. Legitimate investments come with risks, but they also offer the potential for sustainable returns over time. By staying vigilant and prioritising financial literacy, you ensure that you make decisions based on solid principles, not the fleeting temptation of fast money.
At the end of the day, there is no shortcut to financial security. Be smart, be cautious, and always trust in the power of knowledge to guide you towards safer, more reliable investment opportunities
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