SEC Warns Influencers, Bloggers, and Celebrities: Promoting Unregistered Investment and Digital Asset Platforms Now Punishable by ₦20m Fine, 10-Year Jail Term Under New Law
The Securities and Exchange Commission (SEC) has issued a stern warning to influencers, bloggers, and celebrities against promoting unregistered investment platforms, stating that violators risk legal consequences including imprisonment.
This warning follows the enactment of the Investments and Securities Act (ISA) 2025, recently signed into law by President Bola Tinubu. The new law clearly defines Ponzi schemes and empowers the Commission to impose a minimum fine of ₦20 million and a 10-year jail term on anyone found promoting such schemes.
SEC Director-General, Emomotimi Agama, said the Commission is now working hand-in-hand with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other law enforcement bodies to investigate and prosecute offenders.
“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 said.
He noted that the Commission has intensified its clampdown on Ponzi operators, especially after the collapse of CBEX—a digital platform accused of defrauding Nigerians of over ₦1.3 trillion through false claims and unrealistic promises.
“We will shut down their operations and the promoters will be made to face the full weight of the law,” Agama declared.
Agama also revealed that, for the first time, digital assets are officially recognised as securities under the ISA 2025. This means that Virtual Asset Service Providers and Digital Asset Exchanges must now register with the SEC and operate in line with its regulations.
The SEC boss added that education remains a central part of its strategy to protect investors. “We have launched a podcast where we educate and enlighten Nigerians on the dangers of investing in unregistered schemes,” he said. Capital market education is also being pushed into schools and universities.
The Commission urged the public to verify the registration status of any investment scheme before committing funds. “Once it is too good to be true, it certainly is not true,” Agama warned.
To further protect investors, the SEC has set up specialised departments to monitor market activities, conduct inspections, and detect early signs of fraud. “We have a monitoring department. We also do onsite inspections. Once we hear anything, we do something,” he said.
Agama reiterated the SEC’s commitment to investor protection and market growth. “The capital market helps you to democratise wealth for everybody. The ISA 2025 represents a major leap in safeguarding Nigerian investors and strengthening our financial system,” he concluded.
NEWS REVIEW reports that the SEC has declared all investment and digital asset platforms not registered with the Commission as illegal.
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