The Securities and Change Fee (SEC) has warned social media influencers and bloggers towards selling unregistered funding schemes. SEC’s Director-Basic, Emomotimi Agama, gave the warning in a discover issued on Sunday in Abuja.
He mentioned the fee was working carefully with the Financial and Monetary Crimes Fee (EFCC), the Nigeria Police Pressure, and different related authorities businesses to analyze and prosecute violators.
In keeping with Mr Agama, the just lately enacted Investments and Securities Act (ISA) 2025 particularly targets promoters of unregistered funding schemes.
He urged celebrities, influencers, and bloggers to keep away from endorsing such ventures or face authorized penalties.
“The legislation additionally covers influencers and bloggers who promote fraudulent schemes, with clear penalties, together with imprisonment,” Mr Agama mentioned.
“We’re utilizing this chance to warn such people to instantly desist from selling unregistered entities.”
He mentioned SEC has the capability, experience, and authorized backing to fight Ponzi schemes and defend the investing public.
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“We have now handled comparable schemes previously and can proceed to take action, leveraging the powers of the ISA 2025 to safeguard buyers and develop the capital market,” he added.
Mr Agama cited the current collapse of CBEX, a digital funding platform accused of defrauding Nigerians of over N1.3 trillion, as a wake-up name.
He described CBEX’s guarantees of doubling investments inside a month and its false claims of worldwide partnerships as clear indicators of fraud.
“The collapse of CBEX underscores the urgency of our crackdown. We’re shutting down their operations, and the promoters will face the total weight of the legislation,” he mentioned.
ALSO READ: CBEX: One other Ponzi scheme leaves Nigerians in tears
He urged Nigerians to all the time confirm the authenticity of any funding alternative with SEC earlier than committing funds, cautioning that “if it sounds too good to be true, it in all probability is.”
Mr Agama reaffirmed his fee’s dedication to investor safety and market improvement, encouraging residents to seek the advice of licensed professionals and keep away from get-rich-quick schemes.
“The SEC has additionally established devoted departments to observe market actions and conduct inspections geared toward detecting irregularities early.
“These proactive measures are designed to stop large-scale frauds like CBEX from recurring,” he mentioned.
He highlighted the importance of the ISA 2025, describing it as a significant step ahead in securing the Nigerian funding panorama and constructing a resilient monetary market.
(NAN)
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