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.
![Rev. Fr. Anthony Odiong, a US-based Nigerian Louisiana Catholic priest, was arrested in Florida on Tuesday for possessing child pornography, according to law authorities. The suspect is reportedly accused of many other cases of sexual assault. The Waco, Texas, Police Department announced in a Facebook post on Tuesday that officers detained Father Anthony Odiong in Ave Maria, Florida, with assistance from the United States Marshals Service. Waco police announced in March that they had received "credible information" about a sexual assault allegedly committed by Odiong in Texas in 2012. “During the subsequent investigation, a case of possession of child pornography was uncovered,” the police said. The priest was apprehended in Florida by the Caribbean Regional Fugitive Task Force. The Waco Police Department said that he will be extradited to Texas. Odiong had previously served in the Archdiocese of New Orleans before being removed as priest in December of last year due to controversy over homilies in which he claimed, among other things, that the Catholic Church was being taken over by "the gays." At the time, the priest was also accused of abusive behaviour; a Louisiana lady claimed in U.S. bankruptcy court that Odiong had committed both financial and sexual abuse against her. Prior to joining the New Orleans Archdiocese, Odiong served in at least two Texas parishes. On Tuesday, Waco police stated that during their sexual assault investigation, "the presence of other survivors was revealed." “Multiple women have come forward to tell similar experiences as the sexual assault survivor who reported the initial allegation,” the police department said. “Survivors’ experiences ranged from sexual assault and indecent assault, more commonly recognised as groping, and financial abuse, with some survivors experiencing every element of Anthony Odiong’s manipulation.” The police said they “believe there may be more survivors, and we wish to speak with anyone who [has] had similar encounters” with the priest. The Archdiocese of New Orleans issued a brief news release on Tuesday noting Odiong's arrest in Florida. The archdiocese “encourages anyone with any information to contact law enforcement,” the release said.](https://chronicle.ng/wp-content/uploads/2024/08/ezgif-6-4730550ede-450x300.jpg "Odiong: US-based Nigerian Catholic priest convicted over sexual assault")
