Nigeria’s SEC has warned against unregistered AI-driven investment schemes using fake celebrity endorsements.
The commission urged Nigerians to verify platforms, avoid unrealistic returns and report suspicious activities to regulators.
The Securities and Exchange Commission (SEC) has warned Nigerians about a growing wave of investment schemes using artificial intelligence to lure people with fake promises of quick profits and celebrity endorsements.
In a statement on Sunday, the commission named several online platforms such as CBEX, Silverkuun and TOFRO, which it said are not registered with the SEC but advertise AI-driven trading systems claiming unrealistic returns.
According to the regulator, many of these operators rely on deepfake videos and AI-generated content to make their offers appear genuine. It noted that manipulated clips of politicians, celebrities and media personalities are being circulated on Facebook, Instagram and Telegram to create false endorsements.
“Scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine,” the SEC said, adding that this trend has made it harder to detect fraud with traditional methods and underscored the need for tech-enabled regulation.
To counter the threat, the commission said it is deploying advanced surveillance tools to spot suspicious activity in real time. It also highlighted partnerships with the Central Bank of Nigeria and the Nigerian Financial Intelligence Unit to improve data sharing and enforcement efforts.
The SEC further disclosed it has been working with social media companies to remove misleading adverts and has warned influencers not to promote unlicensed investment platforms. “Any influencer or blogger found to be complicit in promoting illegal platforms will face regulatory sanctions or even prosecution,” it said.
Nigerians were advised to be cautious of schemes that promise daily profits, zero risk or celebrity-backed endorsements. “Any investment that guarantees unrealistic returns or uses manipulated videos of public figures should immediately raise a red flag,” the commission added.
The agency encouraged investors to confirm the registration status of any platform through its website and to be wary of services that operate only via Telegram or WhatsApp without a physical office.
The warning follows reports that about 600,000 Nigerians lost an estimated ₦1.3 trillion when CBEX collapsed in April 2025. Investigations showed the promoters operated through a company called ST Technologies International Limited, registered with the Corporate Affairs Commission in September 2024 and with the EFCC’s Special Control Unit Against Money Laundering in January 2025. The EFCC said it is still investigating the case.
