The Securities and Exchange Commission (SEC) of Nigeria has issued a stern warning to social media influencers and bloggers against promoting unregistered investment schemes.
This action follows the collapse of CBEX, a digital investment platform accused of defrauding investors of over ₦1.3 trillion.
The SEC emphasised that such promotions are illegal under the Investments and Securities Act (ISA) 2025, which empowers the Commission to prosecute individuals involved in these activities, with penalties including imprisonment.
The SEC highlighted that many fraudulent operators leverage the credibility of popular figures to attract unsuspecting investors.
To combat this, the Commission has established new surveillance units tasked with monitoring online promotional activities and detecting potential violations early.
Investors are advised to verify the legitimacy of any investment offers through the SEC’s official channels and to be cautious of endorsements from unverified personalities.
The Commission remains committed to protecting investors and maintaining confidence in Nigeria’s capital markets.
