Nigerian SEC Warns Rising AI-Driven Investment Scams With Fake Celebrity Endorsements

The Securities and Exchange Commission (SEC) of Nigeria has issued multiple warnings about a surge in AI-driven investment scams that use deepfake videos and manipulated endorsements of celebrities, politicians, and TV hosts to lure unsuspecting investors. Platforms like CBEX, Silverkuun, and TOFRO, which are unregistered and unregulated, have been identified as major culprits promising unrealistic returns with AI-powered trading systems. Traditional fraud detection methods have become less effective due to the sophisticated AI-generated content, prompting the SEC to adopt advanced surveillance systems capable of detecting fraudulent activities in real time. The SEC is collaborating closely with the Central Bank of Nigeria, the Nigerian Financial Intelligence Unit, and social media companies to strengthen enforcement, clamp down on misleading ads, and hold influencers promoting these schemes accountable. The Commission emphasizes moving from reactive to predictive oversight to better combat fraud and systemic risks in the market. Nigerians are urged to verify investment platforms via the SEC website and treat any scheme promising guaranteed profits or celebrity endorsements with skepticism.