SEC warns social media influencers, bloggers against promoting unregistered schemes
According to Agama, the recently enacted Investments and Securities Act (ISA) 2025 specifically targets promoters of unregistered investment schemes.
He urged celebrities, influencers, and bloggers to avoid endorsing such ventures or face legal consequences.
“The law also covers influencers and bloggers who promote fraudulent schemes, with clear penalties, including imprisonment,” Agama stated.
“We are using this opportunity to warn such individuals to immediately desist from promoting unregistered entities.”
He reiterated that SEC had the capacity, expertise, and legal backing to combat ponzi schemes and protect the investing public.
“We have dealt with similar schemes in the past and will continue to do so, leveraging the powers of the ISA 2025 to safeguard investors and develop the capital market,” he added.
Agama cited the recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over N1.3 trillion, as a wake-up call.
He described CBEX’s promises of doubling investments within a month and its false claims of global partnerships as clear indicators of fraud.
“The collapse of CBEX underscores the urgency of our crackdown. We are shutting down their operations, and the promoters will face the full weight of the law,” he said.
He urged Nigerians to always verify the authenticity of any investment opportunity with SEC before committing funds, cautioning that “if it sounds too good to be true, it probably is.”
Agama reaffirmed the commission’s commitment to investor protection and market development, encouraging citizens to consult licensed professionals and avoid get-rich-quick schemes.
“The SEC has also established dedicated departments to monitor market activities and conduct inspections aimed at detecting irregularities early.
“These proactive measures are designed to prevent large-scale frauds like CBEX from recurring,” he said.
He concluded by highlighting the significance of the ISA 2025, describing it as a major step forward in securing the Nigerian investment landscape and building a resilient financial market. (NAN)(www.nannews.ng)