The Securities and Exchange Commission (SEC) has sternly warned social media influencers, bloggers, and celebrities against promoting unregistered investment schemes, citing provisions in the newly enacted Investments and Securities Act (ISA) 2025.
Speaking in Abuja on Sunday, SEC’s Director-General, Emomotimi Agama, stressed that the commission will not hesitate to prosecute violators. He added that the SEC is working in collaboration with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other relevant agencies to clamp down on fraudulent investment promoters.
“The law also covers influencers and bloggers who promote fraudulent schemes, with clear penalties, including imprisonment,” Mr Agama said. He urged such individuals to immediately desist from endorsing unregistered ventures.
Mr Agama referenced the recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over N1.3 trillion, as a warning sign. He described the platform’s promises to double investments within a month and claims of global partnerships as clear red flags of fraud.
“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 stated.
To prevent future occurrences, Mr Agama revealed that SEC has established dedicated departments to monitor market activities and detect irregularities early. He also encouraged Nigerians to verify the legitimacy of any investment opportunity with SEC and to avoid get-rich-quick schemes.
He reaffirmed the commission’s commitment to protecting investors and developing the capital market, describing the ISA 2025 as a major advancement in securing Nigeria’s investment environment.
