The Securities and Exchange Commission (SEC) has cautioned social media influencers, online personalities, and bloggers to steer clear of promoting unregistered investment products. The warning was delivered by the SEC’s Director-General, Dr. Emomotimi Agama, in an official notice released on Sunday in Abuja.
Dr. Agama disclosed that the Commission is actively collaborating with key law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other relevant authorities, to identify and prosecute individuals involved in illegal financial promotions.
He referenced the newly enacted Investments and Securities Act (ISA) 2025, which specifically targets operators and promoters of unauthorized investment schemes.
Agama called on public figures, content creators, and digital marketers to avoid associating with these entities, warning that doing so could lead to serious legal consequences.
“The new legislation includes provisions that penalize influencers and bloggers who advertise or endorse fraudulent investment platforms, with sanctions ranging from hefty fines to imprisonment,” he stated.
“We are using this opportunity to sound a clear warning: stop supporting or publicizing unlicensed investment entities immediately.”
He emphasized the SEC’s readiness and legal mandate to fight Ponzi-style operations and protect retail investors from financial harm.
“The Commission has tackled similar issues in the past and will persist in cracking down on such scams by leveraging the enforcement powers granted under the ISA 2025 to enhance investor confidence and bolster the capital market,” Agama noted.
The SEC boss referenced the recent collapse of CBEX, a digital investment platform accused of scamming Nigerian investors out of over N1.3 trillion, as a critical example of the dangers of such schemes.
He pointed out that CBEX’s unrealistic claims—such as doubling investors’ funds within a month and boasting fictitious international partnerships—were classic red flags.
“The downfall of CBEX is a serious wake-up call. We have already begun the process of dismantling their operations, and the perpetrators will be prosecuted to the full extent of the law,” he declared.
Agama urged members of the public to verify the legitimacy of any investment offer with the SEC before making financial commitments. He cautioned that “when an offer seems too good to be true, it most likely is.”
He also reaffirmed the Commission’s resolve to shield investors and foster a healthy financial ecosystem. Citizens were encouraged to seek advice from licensed investment professionals and avoid high-risk, high-return promises from unregistered entities.
To strengthen surveillance, the SEC has established dedicated departments tasked with monitoring financial markets and conducting timely inspections to detect early warning signs of potential fraud.
“These preemptive efforts are part of our strategy to prevent the recurrence of large-scale scams like the CBEX saga,” Agama explained.
He concluded by emphasizing the importance of the ISA 2025, describing it as a significant leap forward in safeguarding Nigeria’s investment environment and fostering a stable, resilient financial system.
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