“The collapse of CBEX underscores the urgency of our crackdown.” — SEC Director-General
The Securities and Exchange Commission (SEC) has warned social media influencers and bloggers against promoting unregistered investment schemes.
In a statement issued Sunday in Abuja, SEC Director-General, Dr Emomotimi Agama, said the commission is collaborating with the EFCC, Nigeria Police Force, and other agencies to investigate and prosecute violators.
He stated that the newly enacted Investments and Securities Act (ISA) 2025 empowers the commission to clamp down on fraudulent schemes, including those promoted by online personalities.
“The law also covers influencers and bloggers who promote fraudulent schemes, with clear penalties, including imprisonment,” Agama said.
He cited the collapse of CBEX, a digital platform that allegedly defrauded Nigerians of over N1.3 trillion, as a wake-up call.
“The collapse of CBEX underscores the urgency of our crackdown,” he said.
Agama urged Nigerians to verify investment opportunities with the SEC and avoid get-rich-quick schemes.
“The SEC has also established dedicated departments to monitor market activities and detect irregularities early,” he added.