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The Securities and Exchange Commission (SEC) has issued a stern warning to social media influencers, celebrities, and bloggers against endorsing unregistered investment platforms, citing new legal powers under the recently enacted Investments and Securities Act (ISA) 2025.
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In an official statement on Sunday, Dr. Emomotimi Agama, Director-General of the SEC, said the Commission is working closely with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other relevant agencies to clamp down on fraudulent investment promoters.
“The new law is explicit: individuals who promote or endorse unregistered or fraudulent investment schemes—whether online or offline—will face severe legal consequences, including possible imprisonment,” Agama stated.
He urged content creators, influencers, and public figures to immediately cease promoting unregulated financial ventures, noting that their endorsements often lend false credibility to scams.
The warning comes on the heels of the CBEX digital investment platform collapse, which allegedly defrauded Nigerians of over ₦1.3 trillion through false promises of high returns and fabricated global affiliations.
CBEX scandal is a wake-up call
“The CBEX scandal is a wake-up call. We are shutting down their operations and bringing the perpetrators to justice,” said Agama, adding that the platform’s claims of doubling investments within 30 days were clear signs of a Ponzi scheme.
He emphasized the Commission’s commitment to protecting investors and fostering a secure capital market ecosystem. “With the ISA 2025, we now have stronger enforcement tools to tackle fraudulent schemes and those who promote them,” he said.
Agama also urged Nigerians to verify all investment opportunities through the SEC’s official channels before committing their funds. “If it sounds too good to be true, it probably is,” he cautioned.
To strengthen market oversight, the SEC has established specialized departments focused on market surveillance, early fraud detection, and consumer protection.
He concluded by stating that the Investments and Securities Act 2025 is a critical step forward in enhancing investor protection, eliminating financial scams, and building a more resilient Nigerian capital market.
