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Investors Beware: AI Scams with Fake Celebrity Backing on the Rise, Says SEC
The Securities and Exchange Commission (SEC) has issued a stern warning to Nigerians about a surge in artificial intelligence (AI)-driven investment scams. These fraudulent schemes target unsuspecting investors with promises of guaranteed profits and fabricated celebrity endorsements.....KINDLY READ THE FULL STORY HERE▶
The Commission highlighted that platforms such as CBEX, Silverkuun, and TOFRO are operating illegally, promoting AI-powered trading systems that promise unrealistic returns. “These platforms are not registered or regulated by the SEC, yet they continue to mislead the public with false claims of AI-driven investments. They pose significant risks to investors, prompting the Commission to issue a series of disclaimers,” the SEC stated.
The regulator explained that scammers are increasingly using deepfake videos and AI-generated content to lure victims. Manipulated videos featuring politicians, celebrities, and TV personalities are being circulated via Facebook ads, Instagram reels, and Telegram groups to give these fraudulent platforms an appearance of legitimacy.
According to the SEC, the use of AI to fabricate endorsements and testimonials has made conventional fraud detection less effective, underscoring the need for technology-driven oversight and heightened public awareness.
To counter the growing threat, the SEC is deploying advanced surveillance systems capable of detecting fraudulent activity in real time. Partnerships with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) are also being strengthened to facilitate data-sharing and coordinated enforcement actions. “We are moving from reactive to predictive oversight. This is essential in combating fraud and systemic risks in our market,” the Commission emphasized.
The SEC has engaged social media companies to curb misleading advertisements and warned influencers against promoting unlicensed investment schemes. “Any influencer or blogger found complicit in promoting illegal platforms will face regulatory sanctions or prosecution,” the regulator stated.
Investors were urged to exercise caution, particularly against schemes promising daily profits, zero risk, or celebrity-backed endorsements. “Any investment guaranteeing unrealistic returns or using manipulated videos of public figures should immediately raise a red flag,” the SEC advised.
The Commission further encouraged the public to verify the registration status of any investment platform on the SEC website, ensuring that displayed registration numbers match official records. Platforms operating solely through Telegram or WhatsApp without verifiable office addresses should be avoided.
Suspicious platforms or fraudulent advertisements 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.
Kaduna State Governor, Uba Sani, says the state has mapped out 22,435 hectares of degraded land for restoration under the Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project using modern geospatial mapping technology.....KINDLY READ THE FULL STORY HERE▶
He said the initiative is part of efforts to strengthen climate resilience, tackle environmental degradation, and promote sustainable land use in the state.
Speaking at the ACReSAL mid-term review meeting in Kaduna through the Commissioner for Environment and Natural Resources, Abubakar Buba, the governor explained that the use of geospatial tools has made it possible to accurately identify affected areas for targeted intervention.
He added that the project is not only focused on land recovery but also on boosting agricultural output and improving livelihoods in affected communities.
Sani also noted that the state is supporting the programme with empowerment initiatives, including training over 500 women, youths, and school feeding vendors in biomass briquette production.
According to him, the effort is already helping to reduce dependence on firewood while creating alternative sources of income for beneficiaries.
President Tinubu has given full backing for the implementation of the ₦68.32 trillion 2026 budget after signing the Appropriation Bill passed by the National Assembly into law.....KINDLY READ THE FULL STORY HERE▶
He also approved an amendment extending the lifespan of the 2025 budget from March 31 to June 30, 2026, to ensure completion of ongoing capital projects nationwide.
Under the 2026 fiscal plan, ₦4.799 trillion is set aside for statutory transfers, ₦15.8 trillion for debt servicing, ₦15.4 trillion for recurrent spending, while ₦32.2 trillion goes to capital projects—about half of the total budget.
The focus, according to the administration, is on infrastructure development, security, and growth-driven investments aimed at improving living standards.
Speaking on the development, presidential aide Bayo Onanuga said the extension of the 2025 budget will help ensure full use of allocated funds, especially for major ongoing projects.
Tinubu directed all ministries, departments, and agencies to ensure transparency, discipline, and value-for-money in implementing the budget, while praising the National Assembly for its swift passage of the bill.
He also reaffirmed his administration’s commitment to economic reforms, revenue growth, job creation, and social welfare improvements.
The Peoples Democratic Party (PDP) in Kwara State has described moves to prosecute former Senate President Bukola Saraki and former Governor Abdulfatah Ahmed over alleged culpable homicide as an attempt to reopen the 2018 Offa robbery tragedy for political purposes.....KINDLY READ THE FULL STORY HERE▶
In a statement on Friday, the party’s spokesperson, Olusegun Adewara, said the development is a disturbing and dangerous politicisation of a case they claim has already been addressed through judicial processes.
He warned against dragging the state into fresh tension, accusing the state government of attempting to revive old allegations for political advantage.
Adewara said the PDP would not remain silent while what he called “political narratives” are used to influence public perception around a tragic incident that claimed multiple lives in Offa in 2018.
He also urged residents, especially affected families, not to allow their pain to be used for political gains, insisting it is unjust to associate Saraki with the crime.
The party further alleged that the move is aimed at distracting attention from governance challenges in the state.
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