N1.3tn Loss to CBEX: SEC, EFCC to Punish Influencers, Celebrities Promoting Fraudulent Investments

The Securities and Exchange Commission (SEC) has warned that celebrities, influencers, and bloggers who promote unregistered investment schemes will face prosecution, as the commission moves to enforce provisions of the newly enacted Investments and Securities Act (ISA) 2025.

In a statement released on Sunday in Abuja, SEC Director-General Emomotimi Agama said, “The law also covers influencers and bloggers who promote fraudulent schemes, with clear penalties, including imprisonment.”

“We are using this opportunity to warn such individuals to immediately desist from promoting unregistered entities,” he added.

Citing the recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over N1.3 trillion, Agama said, “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 urged Nigerians to remain vigilant and always verify investment opportunities with the commission before committing funds. “If it sounds too good to be true, it probably is,” he warned.

Agama reiterated the SEC’s commitment to protecting investors and enhancing market integrity. “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 said.

He also disclosed that the commission has taken proactive steps to prevent future occurrences. “The SEC has also established dedicated departments to monitor market activities and conduct inspections aimed at detecting irregularities early,” Agama said. “These proactive measures are designed to prevent large-scale frauds like CBEX from recurring.”