The Securities and Exchange Commission of Nigeria has issued a warning to social media influencers and bloggers, cautioning them against promoting unregistered investment schemes.
The warning was delivered by SEC Director-General Emomotimi Agama in a notice released on Sunday.
Agama stated that the commission is collaborating with the Economic and Financial Crimes Commission, the Nigeria Police Force, and other relevant government agencies to investigate and prosecute those involved in promoting unregistered investment schemes.
He added that the newly enacted Investments and Securities Act (ISA) 2025 specifically targets the activities of such promoters, providing the legal framework to clamp down on fraudulent investment operations and protect investors from financial harm.
He urged celebrities, influencers, and bloggers to avoid endorsing such ventures or face legal consequences.
“The law also covers influencers and bloggers who promote fraudulent schemes, with clear penalties, including imprisonment,” Mr Agama stated.
“We are using this opportunity to warn such individuals to immediately desist from promoting unregistered entities.”
He reaffirmed that the SEC is fully equipped with the expertise, resources, and legal authority to tackle Ponzi schemes and safeguard the interests of investors, stressing the Commission’s unwavering commitment to maintaining a safe and transparent investment environment.
“We have dealt with similar schemes in the past and will continue to do so, leveraging the powers of the ISA 2025 to safeguard investors and develop the capital market,” he added.
Agama cited the recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over ₦1.3 trillion, as a stark wake-up call.
He described the platform’s promises to double investments within a month and its fabricated claims of global partnerships as blatant red flags and hallmarks of fraudulent activity.
“The collapse of CBEX underscores the urgency of our crackdown. We are shutting down their operations, and the promoters will face the full weight of the law,” he said.
He urged Nigerians to verify the authenticity of any investment opportunity with the SEC before committing funds, warning that “if it sounds too good to be true, it probably is.”
The SEC boss reaffirmed the Commission’s dedication to investor protection and market development, advising citizens to consult licensed professionals and avoid falling for get-rich-quick schemes.
“The SEC has also established dedicated departments to monitor market activities and conduct inspections aimed at detecting irregularities early.
“These proactive measures are designed to prevent large-scale frauds like CBEX from recurring,” he said.
