By Muhammad Sal
The Securities and Exchange Commission (SEC) of Nigeria has issued a strong warning about a rising wave of artificial intelligence (AI)-driven scams wherein fraudsters are fabricating celebrity endorsements to lure investors into fraudulent schemes.
These AI-manipulated endorsements, including deepfake videos of well-known politicians, celebrities, and TV personalities, are being widely circulated on social media platforms, including Facebook, Instagram, and Telegram, threatening unsuspecting Nigerians with false promises of guaranteed returns.
On Monday, September 29, 2025, the SEC alerted the public to remain vigilant against illegal investment platforms such as CBEX, Silverkuun, and TOFRO, which falsely advertise AI-powered trading systems promising unrealistic profits but operate without regulatory approval or registration. The Commission emphasized that these platforms are not regulated by the SEC and carry significant investment risks.
“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,” stated a representative of the SEC.
In addition to ramping up surveillance systems that use advanced technology to detect fraudulent activities in real time, the SEC is working closely with the Central Bank of Nigeria and the Nigerian Financial Intelligence Unit for data sharing and coordinated enforcement actions.
The Commission has also engaged social media companies to remove misleading advertisements and cautioned influencers about collaborating with or promoting unlicensed investment schemes. “Any influencer or blogger found complicit in promoting illegal platforms will face regulatory sanctions or prosecution,” the SEC warned.
We’d love your thoughts on this article! Was the information relevant to you?
