The Securities and Exchange Commission (SEC) has issued a stern warning to celebrities, bloggers, and social media influencers against endorsing unregistered investment platforms, as part of a crackdown under the newly enacted Investments and Securities Act (ISA) 2025.
Speaking in Abuja, SEC Director General, Dr. Emomotimi Agama, said the commission is working with law enforcement agencies including the EFCC, the Nigerian Police Force, and others to investigate, prosecute, and dismantle the growing wave of illegal financial schemes in Nigeria.
Agama also pointer out that the ISA 2025 strengthens the Commission’s regulatory authority and specifically targets individuals who promote fraudulent investment operations online.
“The law clearly spells out penalties for those promoting unlicensed schemes—celebrities, influencers, and bloggers included. Such acts are now punishable by imprisonment. This is a final warning to desist from such activities,” Agama stated.
Under the new legislation, Ponzi schemes are explicitly criminalized, with violators facing a minimum fine of N20 million and up to 10 years in prison.
