The Securities and Exchange Commission (SEC) has issued a stern warning to influencers, bloggers, and celebrities, urging them to stop promoting unregistered investment platforms or face legal consequences.
In a statement made available to journalists on Sunday, April 21, the Commission said the warning follows the signing of the Investments and Securities Act 2025 into law by President Bola Tinubu.
The law explicitly defines Ponzi schemes and mandates a minimum ₦20 million fine and a 10-year jail term for offenders.
“The law also targets influencers and bloggers who promote fraudulent schemes, with clear penalties including imprisonment.
“We are therefore using this medium to warn such persons to desist from promoting unregistered entities,” said the SEC’s Director-General, Emomotimi Agama.
Agama revealed that the Commission is collaborating with the EFCC, the Nigeria Police, and other agencies to prosecute violators.
He added that the clampdown has intensified following the collapse of CBEX, a digital investment platform alleged to have defrauded Nigerians of over ₦1.3 trillion.
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“We will shut down their operations and the promoters will be made to face the full weight of the law,” he warned.
Agama noted that the ISA 2025 brings digital assets under SEC regulation, with Virtual Asset Service Providers and Digital Asset Exchanges now required to register with the Commission.
“We have launched a podcast where we educate and enlighten Nigerians on the dangers of investing in unregistered schemes,” he said. He added that capital market education is also being introduced into schools and universities.
He urged Nigerians to confirm the registration status of any investment platform with the SEC before investing. “Once it is too good to be true, it certainly is not true,” he warned.
Agama also disclosed that the SEC has set up special units to monitor the market, inspect activities, and detect early signs of fraud.
“We have a monitoring department. We also do onsite inspections. Once we hear anything, we do something,” he said.
“The capital market helps you to democratise wealth for everybody. The ISA 2025 thus represents a significant step forward in protecting Nigerian investors and fostering a resilient financial market,” he concluded.