Influencers, bloggers, and celebrities have been warned by the Securities and Exchange Commission (SEC) against promoting unregistered investment schemes.
In a statement made available to the press on Sunday, the commission stated that those who promote such schemes risk legal consequences.
The warning comes following the enactment of the Investments and Securities Act 2025, signed into law by President Bola Tinubu.
Explicitly defining Ponzi schemes, the new law empowers the SEC to impose a minimum fine of N20 million and a jail term of 10 years on promoters of such schemes.
SEC’s Director-General, Emomotimi Agama, who spoke on the provisions of the new law, said the commission is collaborating with the Economic and Financial Crimes Commission (EFCC), 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 stated.
He added that following the collapse of CBEX, a digital investment platform that allegedly defrauded Nigerians of over N1.3 trillion, the SEC has intensified its crackdown on Ponzi operators.
“We will shut down their operations and the promoters will be made to face the full weight of the law,” he said.