The Securities and Exchange Commission (SEC) has alerted Nigerians to rising scams that use artificial intelligence (AI) to push fraudulent investment platforms with fake celebrity endorsements and promises of guaranteed profits.
Gatekeepers News reports that in a statement issued on Sunday, the commission named CBEX, Silverkuun, and TOFRO among platforms illegally advertising AI-powered trading systems that claim unrealistic returns.
SEC said, “These platforms are not registered or regulated by the SEC, yet they continued to mislead the public with false claims of AI-driven investments.”
“They posed serious risks to investors hence the commission issued series of disclaimers against their activities.”
According to the regulator, scammers are increasingly deploying deepfake technology and AI-generated content to attract unsuspecting victims.
Manipulated videos featuring politicians, celebrities, and television hosts are being spread via Facebook ads, Instagram reels, and Telegram groups to make fraudulent schemes appear credible.
SEC said, “Scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine.”
“This has made traditional fraud detection methods less effective, hence the need for tech-enabled regulation and greater public awareness.”
To combat this trend, SEC disclosed that it is rolling out advanced surveillance systems to detect fraudulent activity in real time.
The commission also revealed that it is strengthening partnerships with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) for data-sharing and coordinated enforcement.
It added, “We are moving from reactive to predictive oversight. This is essential in combating fraud and systemic risks in our market.”
SEC further said it is engaging social media platforms to take down misleading adverts while warning influencers against promoting unlicensed investment products. Those found culpable, it said, risk sanctions or prosecution.
The regulator also advised Nigerians to exercise caution when approached with investment opportunities. It stressed that offers of daily profits, zero risk, or celebrity-backed endorsements are classic red flags of scams.
It urged to always verify the registration status of any investment company on the SEC website, where a list of licensed operators is published. Investors
SEC also urged investors to confirm that company registration numbers match SEC’s official portal and avoid platforms operating only via Telegram or WhatsApp without a traceable office addresses.
