The Securities and Exchange Commission (SEC) has warned influencers, bloggers, and celebrities to avoid promoting unregistered investment schemes or risk legal consequences.
In a statement made available to newsmen on Sunday, the warning followed 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.
Speaking on the new provisions, the SEC’s Director-General, Emomotimi Agama, said the Commission was collaborating with the Economic and Financial Crimes Commission, the Nigeria Police Force, and other law enforcement agencies to probe and prosecute violators.
He noted that the SEC was 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.
News Edited by Favour Owonibi