The Securities and Exchange Commission (SEC) has warned influencers and bloggers, against promoting unregistered investment schemes.
The Commission emphasised that it is working closely with law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigerian Police Force, and other relevant government bodies, to investigate and prosecute violators.
Director General of the SEC, Dr. Emomotimi Agama, stated that the Investments and Securities Act (ISA) 2025 specifically targets promoters of unregistered schemes, urging celebrities, social media influencers, and bloggers to steer clear of endorsing such ventures to avoid legal consequences.
“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,” he said.
Agama stated that the SEC is intensifying efforts to combat Ponzi schemes following the enactment of the Investments and Securities Act (ISA) 2025, a landmark law signed by President Bola Tinubu.
The new legislation explicitly defines Ponzi schemes and introduces stringent sanctions, including a minimum fine of ₦20 million and a 10-year jail term for promoters of such fraudulent schemes.
