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SEC Warns Nigerians Over AI-generated Investment Scams

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The Securities and Exchange Commission (SEC) has warned Nigerians to be cautious of a rising wave of artificial intelligence (AI)-driven scams that are targeting unsuspecting investors with promises of guaranteed profits and fake celebrity endorsements.

The Commission, in a statement, recalled that platforms such as CBEX, Silverkuun, and TOFRO were operating illegally by advertising AI-powered trading systems that promised 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 serious risks to investors; hence, the Commission issued a series of disclaimers against their activities,” the Commission stated.

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READ ALSO:20-year-old TikToker Peller Buys N350m Lekki Mansion, Promises To Reveal Secret Benefactors

The SEC explained that fraudsters are increasingly turning to deepfake videos and AI-generated content to lure victims, noting that manipulated videos featuring politicians, celebrities, and television hosts are being shared through Facebook adverts, Instagram reels, and Telegram groups to give fraudulent platforms an air of credibility.

According to the Commission, “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.”

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To counter the growing threat, the SEC explained that it is adopting advanced surveillance systems capable of detecting fraudulent activity in real time, adding that partnerships with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) are being strengthened to enable data sharing and joint enforcement actions.

READ ALSO:FG Security Agency, Nigerian Army Move To Tackle Illicit Small Arms, Light Weapons

We are moving from reactive to predictive oversight. This is essential in combating fraud and systemic risks in our market,” the Commission emphasised.

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The regulator said it has also engaged social media companies to clamp down on misleading adverts and cautioned influencers against promoting unlicensed investment schemes.

Any influencer or blogger found to be complicit in promoting illegal platforms will face regulatory sanctions or even prosecution,” the SEC warned.

READ ALSO:US Commits $32.5m To Support Food Security In Nigeria

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The Commission urged 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.

It stated: “Any investment that guarantees unrealistic returns or uses manipulated videos of public figures should immediately raise a red flag.”

The Commission further encouraged Nigerians to verify the registration status of any investment platform on its website, where a list of licensed Capital Market Operators is available.

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It added that investors should confirm that registration numbers displayed on company websites match the details on the SEC portal and avoid platforms that only operate through Telegram or WhatsApp without a verifiable office address.

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‘My Father Discovered Banana Island’ – Ex-BBNaija Star Claims

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Former Big Brother Naija reality star, Kiddwaya has claimed that his dad, Terry Waya, discovered the famous Banana Island in Lagos.

He made the claim in a recent of the Off The Record podcast.

The host asked: “I heard that your dad discovered Banana Island. Is that correct?”

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READ ALSO:Moment Adekunle Gold Light Up BBNaija S10 Finale With ‘Party No Dey Stop’

Kiddwaya replied: “Yeah, I didn’t even know until I heard it during one of my trips.”

Kiddwaya’s dad, Terry Waya is a self-acclaimed billionaire with investments in the real estate, agriculture and hospitality industry.

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His public profile was further boosted during and after his son Kiddwaya’s appearance on the Big Brother Naija reality show in 2020.

Watch video here.

 

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EFCC Releases Malami After Interrogation, Gives Fresh Appointment For More Questioning

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Former Attorney-General of the Federation and Minister of Justice, Abubakar Malami, says his engagement with the Economic and Financial Crimes Commission, EFCC, following an invitation by the agency has been “successful.”

Malami, who disclosed this in a post on his X handle on Saturday, said he was released after the interaction and given an appointment for further questioning.

In line with my undertaking to keep Nigerians updated on my invitation by EFCC, I give glory to Allah for His divine intervention. The engagement was successful and I am eventually released, while on an appointment for further engagement, as the truth relating to the fabricated allegations against me continues to unfold,” he wrote.

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READ ALSO:JUST IN: EFCC Summons Ex-AGF Malami For Questioning

The EFCC had earlier invited the former minister over allegations linked to his time in office, though the commission has not publicly disclosed details of the issues under investigation.

Malami previously announced that he would honour the invitation, saying it aligned with his commitment to accountability and transparency.

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VIDEO: Jonathan Breaks Silence On Guinea-Bissau’s Military Takeover

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Former President Goodluck Jonathan has broken silence following the recent military takeover in Guinea-Bissau, describing it as a conventional coup, insisting it was “maybe a ceremonial coup” given the strange manner in which it unfolded.

Jonathan, who spoke extensively in an interview with Symfoni posted on YouTube on Friday, said he felt compelled to address the media to thank Nigerians for their concern and to clarify what truly happened while he was in Bissau as head of the West African Elders Forum Election Observation Mission.

“You know, since I left office, I’ve always been scared of talking to the media,” he said. “But in this particular case, I decided to speak… first and foremost, to thank Nigerians for the show of empathy, the encouragement.”

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Gunfire erupted around key government buildings in Bissau on Wednesday, with soldiers claiming they had “total control” of the country and followed by curfew, border closures and the detention of top government and security officials.

In another development, Tribune Online reports that ousted President, Umaro Sissoco Embaló, flew to Senegal after the intervention of the Economic Community of West African States (ECOWAS).

READ ALSO:Why I Returned To Nigeria On Ivorian Jet — Jonathan

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Reacting to the development, Jonathan however suggested the situation defied all known patterns of a coup.

“I wouldn’t call it a coup. It was not a coup. I would just say, for want of a better word, maybe it was a ceremonial coup,” he said. “For two things: It is the president, President Embaló, who announced the coup. Later, the military men came up to address the world that they were in charge of everywhere.”

He continued, “Then Embaló had already announced the coup, which is strange. Not only announcing the coup, but Embaló, while the coup took place, was using his phone and addressing media organisations across the world that he had been arrested.”

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The former president, drawing from his experience as a Nigerian and a regional mediator, said the events were unlike anything he had seen.

“I’m a Nigerian close to 70, and I know how they keep heads of state when a coup takes place. Recently, I was a mediator in Mali, and within that period, we had a military coup. The military doesn’t take over governments, and the sitting president that they overthrew would be allowed to be addressing press conferences and announcing that he has been arrested. Why does this happen? Who is fooling whom?”

READ ALSO:Guinea-Bissau Military Takeover Is ‘Ceremonial Coup’ – Jonathan

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Meanwhile, Nigeria’s Federal Government had earlier condemned the development as “a serious threat to democracy and regional stability,” and confirmed Jonathan’s safe evacuation by a special flight alongside his delegation.

Jonathan used the interview to call on ECOWAS and the African Union to promptly announce results of the election that was underway in Guinea-Bissau before the military disrupted the process.

“They have the results because AU and ECOWAS officials were in all the regions when the results were collated. They cannot change those results. They should tally all those results and announce them. They cannot force the military out. They must announce and let the world know who won that election.”

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He stressed that the integrity of elections must be upheld in West Africa, recalling his experience overseeing Côte d’Ivoire’s contentious 2010 presidential poll.

A similar thing happened in Côte d’Ivoire when I was the Chair of the Authority of Heads of State and Government of ECOWAS,” he said. He narrated how Laurent Gbagbo and Alassane Ouattara went into a second round after neither met the 50% +1 requirement.

READ ALSO:Guinea-Bissau Coup: FG Gives Update On Ex-President Jonathan

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“In the second round, Ouattara then got more votes than Gbagbo. And Gbagbo said he was not going, that he won the election,” Jonathan recounted. “But all the observers in the international community said Ouattara won the election. And we in ECOWAS said, well, you are our colleague, but you have to go.”

According to him, his insistence on respecting the will of the people ensured a peaceful transfer of power at the time.

“I stood my ground, and Ouattara was sworn in,” he said.

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Jonathan reiterated that Guinea-Bissau’s situation was “disturbing” to anyone who believes in democracy and insisted that respecting election results remains the only path to stability in the region.

Watch video here

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