The Securities and Exchange Commission (SEC) has issued a strong warning to Nigerian investors as fraudsters turn to artificial intelligence to run new financial scams.
The regulator revealed that criminals are now using deep fakes, AI-generated content, and fake celebrity endorsements to push unregistered “investment” platforms.
Platforms such as CBEX, Silverkuun, and TOFRO were flagged for exploiting AI tools to promise “guaranteed” profits and “zero-risk” trading—claims the SEC described as both false and dangerous.
“These platforms are not licensed or regulated, yet they continue to mislead the public with deceptive claims,” the SEC cautioned.
Fraudsters increasingly rely on AI-manipulated videos, circulating across Facebook, Instagram, and Telegram, to trick unsuspecting Nigerians into believing public figures support their schemes.
“Scammers are fabricating endorsements that look real. This makes traditional fraud detection less effective, which is why investors must remain vigilant,” the SEC warned.
In response, the SEC said it is deploying advanced surveillance systems for real-time fraud detection, working closely with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) to crack down on offenders.
It also confirmed talks with major social media platforms to restrict misleading ads, while warning influencers and online content creators that promoting unlicensed schemes could lead to regulatory sanctions or prosecution.
The commission urged investors to always verify the registration status of financial platforms via its official website and to treat any scheme promising unrealistic returns or celebrity-backed “AI trading” as a red flag.
