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SEC Cautions Influencers, Celebrities Against Endorsing Unregistered Investment Platforms - PorscheClassy Media
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SEC Cautions Influencers, Celebrities Against Endorsing Unregistered Investment Platforms

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The Securities and Exchange Commission (SEC) has issued a stern warning to influencers, bloggers, and celebrities, urging them to stop promoting investment schemes that are not registered with the commission or risk facing legal action.

The warning comes in the wake of the newly enacted Investments and Securities Act 2025, recently signed into law by President Bola Tinubu. The law explicitly defines Ponzi schemes and authorizes the SEC to impose a minimum fine of N20 million and a 10-year prison sentence on those who promote such schemes.

Emomotimi Agama, the SEC’s Director-General, revealed that the commission is collaborating with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, and other law enforcement agencies to investigate and prosecute violators.

“The law now includes influencers and bloggers who publicize fraudulent investment platforms. They face clear consequences, including imprisonment. This is a formal warning for such individuals to cease promoting unregistered schemes,” Agama stated.

He referenced the case of CBEX, a digital investment platform that allegedly scammed Nigerians out of over N1.3 trillion by making false claims of international affiliations and promising unrealistically high returns.

“The SEC will shut down such operations and ensure the individuals behind them face full legal consequences,” Agama added.

According to him, the new law also places digital assets under the SEC’s regulatory scope for the first time. Virtual assets are now classified as securities, meaning Virtual Asset Service Providers and Digital Asset Exchanges must register with the commission and comply with its rules.

Agama stressed the importance of investor education in the SEC’s mission, noting the launch of a podcast series to educate Nigerians on the dangers of unregistered schemes. He also mentioned the introduction of capital market education in schools and universities.

The SEC advised the public to verify the registration of any investment scheme through official channels before investing. “If it sounds too good to be true, it most likely is,” he warned.

He also highlighted the SEC’s creation of specialized departments to monitor market activity, conduct onsite inspections, and detect early signs of fraudulent behavior.

Reaffirming the SEC’s commitment, Agama said, “Our goal is to protect investors and develop the capital market as a tool for wealth creation. The ISA 2025 marks a major step in strengthening investor protections and ensuring a stable financial market in Nigeria.”

Recall that the SEC had declared all unregistered investment and digital asset platforms illegal.

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Insecurity: Tinubu Postpones G20, AU-EU Trips, Awaits Briefing On Kebbi, Kwara Attacks

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President Bola Ahmed Tinubu has postponed his scheduled official trips to Johannesburg, South Africa, and Luanda, Angola, in response to the escalating wave of insecurity across parts of the country. The President is now expected to remain in Nigeria to receive comprehensive national security briefings specifically relating to the recent incidents in Kebbi and Kwara states.

According to a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President directed security agencies to intensify their presence and operations, particularly in Eruku and the wider Ekiti Local Government Area of Kwara State. This directive followed an appeal from the Kwara State Government regarding the deteriorating security situation in the affected communities.

The statement explained that President Tinubu had originally been slated to depart Abuja on a diplomatic schedule that included participation at the 20th G20 Summit of leaders in Johannesburg, followed immediately by his presence at the 7th AU-EU Summit in Luanda. However, Onanuga confirmed that the President resolved to suspend his departure pending detailed security reports from his deputy and relevant agencies.

Providing further context, Onanuga stated: “Disturbed by the security breaches in Kebbi State and Monday’s attack by bandits against worshippers at Christ Apostolic Church, Eruku, President Tinubu decided to suspend his departure. He now awaits reports from Vice President Kashim Shettima … as well as reports from the police and the Department of State Services regarding the attack in Kwara.”

In the statement, the Presidency also reaffirmed that Tinubu’s earlier directive to security agencies remains in force. He instructed them to “do everything possible to rescue the schoolgirls abducted by the bandits in Kebbi State and bring them back home, safe,” underscoring his position that the safety of citizens is non-negotiable and must be treated as a priority by all national security formations.

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Probe Rising Insecurity, Kwankwaso Urges Federal Government

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Former Kano State Governor Rabiu Musa Kwankwaso has urged the Federal Government to launch an immediate investigation into the country’s escalating insecurity, following a surge in mass abductions and violent attacks across several states.

In a statement released on Wednesday through his verified X account, Kwankwaso condemned the kidnapping of 25 schoolgirls from the Government Girls Comprehensive Secondary School in Maga, Kebbi State. The abduction occurred early Monday when gunmen entered the school on motorcycles and engaged security personnel in a gunfight before escaping with the students.

He also reacted to the killing of Brigadier General Musa Uba in Borno State, describing the development as a “dark mark” in Nigeria’s counter-terrorism operations. Kwankwaso demanded a thorough probe into the security and intelligence lapses that led to the attack.

Kwankwaso expressed concern over recurring mass kidnappings in Zamfara State, saying the incidents were “truly heartbreaking,” and called on authorities to expedite the rescue of victims taken in recent raids.

The former governor further highlighted recent bandit attacks in Shanono and Tsanyawa Local Government Areas of Kano State, calling for urgent government action to address the growing threats to rural communities.

While acknowledging the Kano State Government’s recent donation of vehicles to security agencies, he insisted that broader and more strategic interventions were required to strengthen ongoing security efforts.

He stated, “These areas have seen repeated violence; in one recent incident, bandits killed three villagers after crossing from Katsina State. In another raid, two nursing mothers were kidnapped from the Faruruwa community in Shanono, heightening fear among residents.” He added that “These incidents are not isolated. They reveal serious setbacks in the battle against insecurity,” urging the Federal Government to intensify national security operations.

Kwankwaso called for renewed investment in the armed forces and emphasized the need to empower the Nigeria Police Force to effectively safeguard citizens and rebuild public trust.

On Monday, armed bandits attacked the Government Girls Comprehensive Senior Secondary School in Maga, Danko/Wasagu Local Government Area, abducting no fewer than 25 students and killing the Vice Principal during the assault.

The Kebbi State Police Command later confirmed that 25 students were taken during the attack.

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JUST IN: Tinubu Deploys Military After Gunmen Terrorizing Kwara

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President Bola Tinubu has ordered the Nigeria Police Force and the military to move into Kwara State following a surge in attacks carried out by gunmen in the region.

The directive was issued less than a day after about 10 suspected terrorists invaded Christ Apostolic Church (CAC) in Oke Isegun, located in Eruku town within Ekiti Local Government Area of Kwara State. During the attack, three worshippers were killed, and the pastor was abducted alongside several other individuals.

Authorities are expected to release additional information as security operations intensify across the affected communities.

 

More to come…

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