The Securities and Exchange Commission (SEC) has cautioned social media influencers and bloggers against the promotion of unregistered investment schemes.
In a notice released in Abuja on Sunday, the Director-General of SEC, Emomotimi Agama emphasised that the SEC is collaborating with the Economic and Financial Crimes Commission (EFCC) and the police to investigate and prosecute those who violate investment regulations.
Agama pointed out that the newly enacted Investments and Securities Act (ISA), 2025 specifically targets promoters of unregistered investment schemes.
He urged social media influencers and bloggers to refrain from endorsing such unregistered investment schemes to avoid facing legal consequences, as the law includes penalties that could potentially lead to imprisonment for those who promote fraudulent schemes.
The warning comes in light of the recent collapse of CBEX, a digital investment platform that allegedly defrauded Nigerians of over N1.3 trillion.
Agama noted that CBEX’s promises to double investments within a month and its false claims of global partnerships were clear indicators of fraud.
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He assured the public that the SEC has the expertise and legal authority to combat Ponzi schemes and protect investors.
To mitigate the risk of similar frauds in the future, he encouraged Nigerians to verify investment opportunities with the SEC before making any financial commitments.
Agama stressed that if an investment sounds too good to be true, it often is.
He reiterated the SEC’s dedication to investor protection and the development of the capital market, highlighting ongoing efforts to monitor market activities and detect irregularities early.
Agama praised the significance of the new legal framework as a vital step in securing the Nigerian investment landscape and building a resilient financial market.
