The Securities and Exchange Commission has warned Nigerians against falling for fraudulent investment platforms that use artificial intelligence to create fake celebrity endorsements and promises of guaranteed profits.
The commission listed CBEX, Silverkuun, and TOFRO among platforms operating illegally, saying they mislead the public with claims of AI-powered trading systems that deliver unrealistic returns.
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According to the SEC, fraudsters are now using deepfake videos of politicians, celebrities, and TV hosts shared on social media to lure victims. It said advanced surveillance tools and partnerships with the Central Bank and the Nigerian Financial Intelligence Unit are being deployed to track and stop such schemes.
The regulator urged Nigerians to verify the registration of investment companies on its website and avoid schemes promising daily profits or operating only on messaging platforms without verifiable addresses. It also warned influencers against promoting unlicensed platforms, saying they risk sanctions or prosecution.
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