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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.

BIG STORY

36-Year-Old US-Based Nigerian Mum Charged With Murder After 9-Year-Old Daughter Dies In Hot Car

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A 36-year-old Nigerian woman living in the United States, Gbemisola Akayinode, has been arrested and charged with murder after her 9-year-old daughter, Oluwasikemi Akayinode, died after being left in a hot vehicle for over eight hours.

Authorities from the Harris County Sheriff’s Office in Texas said the child’s death was ruled a homicide as a result of hyperthermia (heat stroke).

Court documents indicate that on July 1 2025 the girl was left in a car while Akayinode reported to work at a manufacturing plant in Galena Park near Houston. The day’s temperature was reportedly around 99 °F.

In her statement to police, Akayinode said that when she arrived at her job at about 5:45 a.m., she left her daughter with food, water, a rechargeable fan, and ice cubes in the back seat. She lowered the car’s rear windows halfway, she said. She reportedly administered melatonin to her daughter who began to fall asleep. She claimed she did not check on her daughter again until her shift ended at about 1:53 p.m., at which point she discovered the child unresponsive and blue.

Investigators say that although Akayinode claimed she did not have money for daycare, documents show her job foreman had been paying for day-care services for her daughter.

Akayinode faces a murder charge under Texas law. The sheriff’s office said the case had moved forward after the coroner ruled the child’s death a homicide due to prolonged heat exposure in a vehicle.

Child-safety organisations note that dozens of children nationwide die each year after being left in vehicles on hot days. According to one such group, more than 1,160 children have died in hot cars in the U.S. since 1990.

Akayinode is set to appear in court in Houston in the coming days. Authorities say they will present evidence relating to the timeline of events, the condition of the vehicle, and the mother’s actions during the critical period.

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BIG STORY

BREAKING: Political Thugs Burn Down ADC Secretariat, Disrupt Inauguration Of EXCO In Ekiti

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Tension gripped Ado-Ekiti, the Ekiti State capital, on Tuesday, as suspected political thugs set ablaze the Secretariat of the African Democratic Congress (ADC), destroying property worth millions of naira.

The early-morning attack, which occurred at the Basiri area of Ado-Ekiti, came just hours before the scheduled inauguration of the party’s executives across wards, local governments and the state.

Eyewitnesses said the hoodlums, who arrived in multiple vehicles, shot sporadically into the air to scare residents before setting the building on fire. Office equipment, sound systems, plastic chairs and canopies were all destroyed in the inferno.

A few hours later, the same group reportedly regrouped and stormed the venue of the planned inauguration, dispersing party members, journalists and guests. Vehicles and motorcycles parked at the scene were vandalised, while chairs and canopies already arranged for the event were destroyed beyond repair.

Despite the attack, ADC National Secretary and former Minister of Interior, Rauf Aregbesola, arrived amid tight security and went ahead with a brief inauguration of the newly affirmed executives.

Addressing journalists afterwards, Aregbesola condemned the incident, describing it as “a shameful act of political intolerance and a dangerous threat to democracy.”

“The beauty of democracy lies in freedom of association and participation without fear. What happened today is a descent into fascism,” he said.

Also reacting, former Ekiti Deputy Governor, Prof. Kolapo Olusola-Eleka, described the attack as “an act of political terrorism.”
He criticised the police for their slow response, saying security agencies failed to protect the party’s property despite early reports.

“We were let down. Two hours after we reported the midnight attack, there was still no protection. This is unacceptable,” he said.

Confirming the incident, Ekiti Police Public Relations Officer, SP Sunday Abutu, said the Commissioner of Police, CP Joseph Eribo, had ordered a full-scale investigation to arrest the perpetrators and bring them to justice.

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BIG STORY

BREAKING: Tinubu Nominates Bernard Doro To Replace Former Minister Of Humanitarian Affairs And Poverty Reduction

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  • sends name to senate for confirmation

 

President Bola Ahmed Tinubu has nominated Dr. Bernard Doro from Plateau State as a Minister of the Federal Republic of Nigeria, forwarding his name to the Senate for screening and confirmation.

The nomination, announced on Tuesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy, follows the elevation of Professor Nentawe Goshwe Yilwatda, former Minister of Humanitarian Affairs and Poverty Reduction, who became the National Chairman of the All Progressives Congress (APC) in July.

According to sources within the presidency, President Tinubu had on Monday evening met privately with close aides to deliberate on names to fill two vacant ministerial portfolios — one being the now-vacant Humanitarian Affairs and Poverty Reduction Ministry, and the other, the Innovation, Science and Technology portfolio, whose minister resigned a few weeks ago.

Following the consultations, Dr. Bernard Doro emerged as one of the nominees.

About Dr. Bernard Doro

Born on January 23, 1969, in Kwall, Bassa Local Government Area of Plateau State, Doro is a seasoned professional with over two decades of experience across clinical practice, pharmaceutical management, strategic leadership, and community development, both in Nigeria and the United Kingdom.

In his statement, Onanuga described Doro as “a technocrat whose multidisciplinary background and commitment to service will enrich the administration’s vision for an inclusive and progressive Nigeria.”

Academic and Professional Background

Dr. Doro holds degrees in Pharmacy and Law, alongside an MBA specializing in IT-driven business strategy, and a Master’s degree in Advanced Clinical Practice.

He is also an Independent Prescriber and Advanced Clinical Practitioner within the UK’s National Health Service (NHS), having worked across urgent care, GP practices, walk-in centres, and hospital emergency settings.

Beyond his medical and administrative credentials, Doro is recognized for his youth mentorship initiatives and social impact projects both in the Nigerian diaspora and at home.

If confirmed by the Senate, Dr. Doro will be sworn in during the next Federal Executive Council (FEC) meeting and officially assume his ministerial duties.

His appointment is seen as part of President Tinubu’s broader move to strengthen technocratic leadership within his administration and inject fresh perspectives into ongoing national reforms.

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