The Securities and Exchange Commission (SEC) has warned Nigerians about a surge in artificial intelligence (AI)-driven scams targeting unsuspecting investors with promises of guaranteed profits and fake celebrity endorsements.
The Commission has identified platforms such as CBEX, Silverkuun, and TOFRO as operating illegally, advertising AI-powered trading systems that promise unrealistic returns.
The SEC notes that fraudsters are increasingly using deepfake videos and AI-generated content to lure victims.
Manipulated videos featuring politicians, celebrities, and TV hosts are being shared through social media platforms to give fraudulent platforms an air of credibility.
The Commission emphasizes that scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine, making traditional fraud detection methods less effective.
To counter the growing threat, the SEC is adopting advanced surveillance systems capable of detecting fraudulent activity in real-time.
The Commission is also strengthening partnerships with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) to enable data-sharing and joint enforcement actions.
The SEC has cautioned influencers against promoting unlicensed investment schemes, warning that any influencer or blogger found complicit will face regulatory sanctions or prosecution.
The Commission urges Nigerians to take extra precautions before investing, stressing that any scheme promising daily profits, zero risk, or celebrity-backed endorsements should be treated with suspicion.
Investors are advised to verify the registration status of any investment platform on the SEC’s website and avoid platforms that only operate through Telegram or WhatsApp without a verifiable office address.
Suspicious platforms or fraudulent ads can be reported directly to the SEC via email at sec@sec.gov.ng, by phone at +234 9 462 1168, or through its online complaints portal.
The Commission reaffirmed its committment to protecting investors and maintaining the integrity of the capital market.
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