By Omodele Adigun
The Securities and Exchange Commission (SEC) has warned Nigerians over the surge wave of artificial intelligence (AI)-driven scams that are targeting unsuspecting investors with promises of guaranteed profits and fake celebrity endorsements.
The Commission, in a statement, stressed that platforms such as CBEX, Silverkuun, and TOFRO were operating illegally by advertising AI-powered trading systems that promised unrealistic returns.
According to the Commission, “These platforms are not registered or regulated by the SEC, yet they continue to mislead the public with false claims of AI-driven investments. They pose serious risks to investors; hence, the Commission issued a series of disclaimers against their activities,” the Commission stated.
SEC explained that fraudsters are increasingly turning to deepfake videos and AI-generated content to lure victims, noting that manipulated videos featuring politicians, celebrities, and television hosts are being shared through Facebook adverts, Instagram reels, and Telegram groups to give fraudulent platforms an air of credibility.
SEC said “Scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine. This has made traditional fraud detection methods less effective, hence the need for tech-enabled regulation and greater public awareness.”
To tackle the growing threat, SEC explained that it is adopting advanced surveillance systems capable of detecting fraudulent activity in real time, adding that partnerships with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) are being strengthened to enable data sharing and joint enforcement actions.
“We are moving from reactive to predictive oversight. This is essential in combating fraud and systemic risks in our market,” the Commission emphasised.
The regulator mentioned that it has also engaged social media companies to clamp down on misleading adverts and cautioned influencers against promoting unlicensed investment schemes.
SEC further warned that any influencer or blogger found to be complicit in promoting illegal platforms will face regulatory sanctions or even prosecution.
The Commission advised Nigerians to take extra precautions before investing, stressing that any scheme promising daily profits, zero risk, or celebrity-backed endorsements should be treated with suspicion.
SEC stated: “Any investment that guarantees unrealistic returns or uses manipulated videos of public figures should immediately raise a red flag.”
The Commission further urged Nigerians to verify the registration status of any investment platform on its website, where a list of licensed Capital Market Operators is available.
SEC added that investors should confirm that registration numbers displayed on company websites match the details on the SEC portal and avoid platforms that only operate through Telegram or WhatsApp without a verifiable office address.
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