FG has threatened to go after Social Media Influencers and Bloggers promoting unregistered schemes.
NewsOnline Nigeria reports that the Securities and Exchange Commission has warned influencers, bloggers, and celebrities to desist from promoting unregistered investment schemes or risk legal consequences.
In a statement made available to our correspondent on Sunday, the warning follows the enactment of the Investments and Securities Act 2025, which was signed into law by President Bola Tinubu. The new law explicitly defines Ponzi schemes and empowers the Commission to impose a minimum fine of N20m and a jail term of 10 years on promoters of such schemes.
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Speaking on the new provisions, the SEC’s Director-General, Emomotimi Agama, said that the Commission is working closely with the Economic and Financial Crimes Commission, the Nigeria Police Force, and other law enforcement agencies to investigate and prosecute violators.
“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,” Agama said.
He noted that the SEC is intensifying its crackdown on Ponzi operators following the collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over N1.3tn. CBEX reportedly lured investors with promises of unrealistic returns and false claims of global affiliations.
“We will shut down their operations and the promoters will be made to face the full weight of the law,” Agama stated.
According to the SEC boss, the ISA 2025 also brings digital assets under the regulatory oversight of the commission for the first time. He said virtual assets are now officially recognised as securities, and as such, Virtual Asset Service Providers and Digital Asset Exchanges are mandated to register with the SEC and comply with relevant rules.
Agama emphasised that education remains a key part of the SEC’s strategy to protect Nigerian investors. “We have launched a podcast where we educate and enlighten Nigerians on the dangers of investing in unregistered schemes,” he said, adding that the commission is also pushing capital market education into schools and universities.
The commission advised the public to always verify the registration status of any investment scheme with the SEC before parting with their funds. “Once it is too good to be true, it certainly is not true,” he warned.
He also revealed that the SEC has established specialised departments to monitor market activities, conduct inspections, 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.
Agama reiterated the SEC’s commitment to investor protection and market development. “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 said.
Recall that the Securities and Exchange Commission has issued a fresh warning to Nigerians, declaring that all investment and digital asset platforms not registered with the Commission are operating illegally.
