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SEC Raises Alarm Over AI-Powered Fraudulent Investment Platforms

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The Securities and Exchange Commission (SEC) has expressed concern over the increasing use of artificial intelligence in fraudulent investment schemes targeting Nigerians.

In a statement issued on Sunday, the Commission identified several unregistered online operators, including CBEX, Silverkuun and TOFRO, which have been advertising AI-based trading systems that promise extraordinary profits.

According to SEC, fraudsters behind these platforms are employing AI tools such as deepfake technology to create fake endorsements featuring well-known politicians, celebrities, and media personalities.

READ ALSO: $1bn Crypto Fraud: Court Authorizes EFCC To Arrest Six CBEX Promoters

These manipulated clips, the regulator explained, are being spread widely on Facebook, Instagram, and Telegram to mislead unsuspecting investors.

“Scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine. This has made traditional fraud detection methods less effective, hence the need for tech-enabled regulation and greater public awareness,” SEC warned.

The Commission noted that it is deploying new real-time surveillance technology to track suspicious activities and is strengthening collaboration with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) to improve information sharing and coordinated enforcement.

“We are moving from reactive to predictive oversight. This is essential in combating fraud and systemic risks in our market,” the Commission stressed.

As part of its measures, the SEC said it has also opened discussions with social media companies to eliminate misleading investment ads and has cautioned content creators not to promote illegal financial products.

“Any influencer or blogger found to be complicit in promoting illegal platforms will face regulatory sanctions or even prosecution,” the regulator added.

The SEC urged the public to be extra vigilant when considering investments, particularly those that guarantee risk-free daily returns or claim to have the backing of popular figures.

The Commission further advised citizens to always check its official website to confirm whether an investment company is duly licensed.

It reminded Nigerians of the CBEX collapse in April 2025, which left more than 600,000 people counting losses of about N1.3 trillion.

The promoters of the platform operated under ST Technologies International Limited, which was registered with the Corporate Affairs Commission in September 2024.

The Economic and Financial Crimes Commission (EFCC) is still carrying out investigations into the scandal.

“Any investment that guarantees unrealistic returns or uses manipulated videos of public figures should immediately raise a red flag,” SEC maintained, urging Nigerians to avoid platforms that operate solely on Telegram or WhatsApp without a physical address.

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Crime

Navy Recovers 98,000 Litres of Suspected Stolen Crude in Rivers

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The Nigerian Navy (NN) has uncovered three suspected illegal refining sites containing about 98,000 litres of petroleum products in Okarki community, Ahoada West Local Council of Rivers State.

It was gathered that the discovery was made on October 10, 2026, during an operation conducted by Nigerian Navy Ship (NNS) Pathfinder under Operation Delta Sentinel.

The Director of Naval Information, Navy Captain Abiodun Folorunsho, gave the details in a statement, exposing that the sites contained approximately 65,000 litres of suspected stolen crude oil and 33,000 litres of products suspected to be illegally refined Automotive Gas Oil (AGO), commonly known as diesel.

The products were stored in about 12 dugout pits and containers across the three locations.

The Navy said no arrests were made because the suspected operators had fled before the arrival of the naval team, adding that the sites and products were subsequently handled in accordance with established procedures.

READ ALSO: NNPC Petrol Discount: Oyedele Explains How Lower Margins Could Boost Profits

According to the statement, the discovery highlights the scale of suspected illicit petroleum storage in the area and the risk of the products entering unlawful distribution channels.

The Navy said the operation disrupted storage activities at the three locations and denied suspected operators access to a substantial quantity of petroleum products for further illegal handling and sale.

It added that it would sustain intelligence-led patrols and operations to identify illegal refining facilities, disrupt the storage and movement of suspected stolen petroleum products, and support efforts to bring those responsible to justice in accordance with the law.

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Crime

Oyo Police Arrest Suspected Cultist Who Allegedly Travelled to Avenge Brother’s Death

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The Oyo State Police Command has arrested a suspected cultist, Kingsley Odo, who allegedly travelled to the state to avenge the death of his brother.

The suspect was intercepted by operatives of the Safer Highway patrol team during a routine stop-and-search operation on a commercial bus along Ife Road.

The Police Public Relations Officer (PPRO) of the Oyo State Police Command, DSP Ayanlade Olushola Olayinka, said the operatives recovered a locally made, cut-to-size pistol and a cartridge during a search of the vehicle.

SEE ALSO: Oyo Police Begin Probe Into Abduction of Pastor’s Daughter In Ibadan

Olayinka said further questioning revealed that the suspect had travelled to Oyo State to carry out a revenge killing over his brother’s death.

“Further questioning revealed that he had travelled all the way from Anambra to Oyo State to carry out a revenge killing,” he said.

He added that the suspect had been arrested and was undergoing investigation to establish his connections and determine the extent of his alleged activities.

“All thanks to God and the good effort of the men of the Safer Highway, he was intercepted, arrested, and is currently undergoing investigation to know his connections and how wide it is,” Olayinka said.

Suspect Recounts Brother’s Death

During an interview following his arrest, Odo said the incident stemmed from the death of his brother in 2021, when he was working in Benue State.

He explained that his brother was schooling in Nsukka, Enugu State, when he received information that someone had killed him.

“It was in 2021. I was working in Benue State, so I had information that my brother, who was in school in Nsukka, had just died in the school, that somebody killed him in the school,” he said.

Odo added that his mother died a few weeks after his brother’s death.

He said he subsequently received information that the person allegedly responsible for his brother’s death was living in a southwestern state.

“So, last month, I had information that the boy is living in a state, a Yoruba state. So, I said okay, I will find out that place where he is living,” the suspect said.

He explained that he was travelling from Nsukka towards Oyo State when police operatives intercepted and arrested him.

When questioned about whether he knew the exact location of the person he intended to confront, Odo initially said he did not know the particular state but confirmed that he was heading to Oyo State.

“The information is with me,” he said, suggesting that he had information that could help him locate the individual.

Suspect Says He Bought Pistol for ₦20,000
When questioned about the firearm recovered from him, Odo said he purchased the pistol from a friend for ₦20,000.

“I bought it from my friend,” he said.
Asked what his friend did with firearms, the suspect said the individual might be a hunter.

“I don’t know, maybe he’s a hunter. A hunter who kills with pistol? Yes, he has this one and long, so he was the one that sell this one for me, 20,000,” he said.

Suspect Confirms Membership of Vikings Confraternity

During the interview, Odo was also questioned about reports that his deceased brother belonged to a cult group.

He said he could not confirm whether his brother was a member.

“Maybe he belongs, maybe he did not belong, because I was not there with him,” he said.

However, when asked whether he belonged to a cult group himself, the suspect answered in the affirmative and identified the group as Vikings.

The police said investigations were ongoing to establish the suspect’s connections and determine whether other individuals were involved in the alleged planned revenge killing.

 

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Crime

Police Rescue Three Kidnap Victims in Taraba After Sustained Pressure

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Police Rescue Three Kidnap Victims in Taraba After Sustained Pressure
The Nigeria Police Force has disclosed the rescue of three kidnapped victims in Taraba State following sustained pressure mounted by its rescue teams.

The victims were identified as Otuwe Torhumba, 37; Kenneth Nyiutse, 35; and Michael Emmanuel, 27.

The Force made the disclosure on Saturday, October 3, 2026, in its 24-hour operational update covering security operations recorded across the country on October 2.

ALSO READ: 2027: Ogun Police Begins Early Election Security Preparations, Warns Against Political Violence

According to the Police, “Due to sustained pressure by Police rescue teams, three of five kidnapped victims — Otuwe Torhumba (37), Kenneth Nyiutse (35) and Michael Emmanuel (27) — were rescued unharmed and reunited with their families.”

The Police said the three victims were rescued unharmed and subsequently reunited with their families.

The Force did not provide further details on the circumstances surrounding the abduction or the whereabouts of the remaining two victims in the operational summary.

The case is currently being investigated by the State Criminal Investigation Department (SCID), Jalingo.

The rescue was among several operational successes recorded by the Nigeria Police Force during the reporting period.

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