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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

Oyo Police Arrest Suspected Serial Burglar, Recover Stolen Items Worth ₦16.2m

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The Oyo State Police Command has arrested a suspected serial burglar, Nasiru Abiodun, over multiple burglary incidents in the Ejiooku/Iyana Offa area of Ibadan, recovering stolen property estimated at ₦16.22 million.

The Command disclosed this in a statement issued on Sunday, November 1, 2026, by its Police Public Relations Officer, DSP Ayanlade Olayinka.

According to the statement, the suspect was arrested on October 31, 2026, at about 9:45 a.m. following a report from concerned residents of Oyewole Zone 2, Ile-Igbon, in the Ejiooku/Iyana Offa area.

SEE ALSO: Ebola: IGP Warns Nigerians Against Contact With Suspected Patients’ Body Fluids

Operatives of the Violent Crime Response Unit (VCRU), Maku Base, reportedly apprehended Abiodun at a residential apartment with a sack containing house cables and other valuable items estimated at ₦3 million.

During interrogation, the suspect allegedly confessed to burgling four different residential apartments within the area, carting away house cables, mobile phones, motorcycle batteries and other household valuables.

The police put the total estimated value of items stolen from the four apartments at ₦16.22 million, adding that some of the stolen property had already been recovered from the suspect.

Following his confession, operatives visited the identified crime scenes to establish relevant facts and advance the investigation.

The Command said efforts had been intensified to recover the remaining stolen items and apprehend other individuals suspected of receiving the stolen property.

It also appealed to residents of Ejiooku/Iyana Offa, Ile-Igbon and adjoining communities who may have experienced burglaries recently to report such incidents to the nearest police station or the Maku Base of the VCRU.

The appeal, according to the police, is aimed at identifying other possible victims and facilitating the recovery of additional stolen property.

The Commissioner of Police, Oyo State Command, CP Abimbola Ayodeji Olugbenga, reiterated the Command’s commitment to tackling criminal activities through proactive policing, intelligence-driven operations and collaboration with members of the public.

He also urged residents to remain vigilant and promptly provide credible information that could assist the police in preventing and detecting crime.

The police provided the Oyo State Call Response Centre toll-free number, 615, and the Command’s control room numbers, 08081768614 and 07055495413, for emergency reports.

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Crime

Navy Uncovers 132,000 Litres of Stolen Crude Oil in Bonny

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The Nigerian Navy has uncovered 132,000 litres of stolen crude oil in Allison community, Bonny Local Government Area, Rivers State.

This was detailed in a statement by the Director of Naval Information, Navy Captain Abiodun Folorunsho, in which he disclosed that the Forward Operating Base Bonny discovered the stolen crude oil under Operation Delta Sentinel, following actionable intelligence.

He said the operation uncovered 10 dugout pits, adding that the site and the recovered products were handled in accordance with extant regulations.

“The operation reinforces the importance of intelligence-led action in identifying concealed petroleum stockpiles and disrupting the infrastructure that enables crude oil theft and the unauthorised movement of petroleum products.

“The Nigerian Navy will sustain efforts to locate and dismantle illegal refining infrastructure and disrupt the networks facilitating crude oil theft across the Niger Delta,” the statement said.

READ ALSO: FCT Motorists, Commuters Divided over NNPC Petrol Discount

The Navy urged community leaders, residents, traditional institutions and other stakeholders to promptly report crude oil theft, illegal refining, suspicious petroleum storage and the unauthorised movement of petroleum products to the nearest security agency.

Timely, credible information, the statement said, could enable swift intervention and prevent illicit activities from expanding.

“Safeguarding the nation’s critical petroleum assets requires vigilance and active cooperation between security agencies and the communities they serve. The Navy therefore urges the public to remain alert and support lawful efforts to protect national resources,” Folorunsho concluded.

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Crime

Delta Police Arrest School Bus Driver Over Alleged Kidnap, Rape of 14-Year-Old Student

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The Delta State Police Command has arrested a 28-year-old school bus driver, Onome Lucky Ughagha, over the alleged kidnapping and sexual assault of a 14-year-old female student in Sapele, after reportedly collecting ₦503,000 in ransom from the victim’s father.

The suspect was arrested on October 23, 2026, following investigations into the incident, which was reported to the Sapele Area Command on October 20 by the victim’s father.

The statement was signed by the Police Public Relations Officer of the Delta State Command, SP Bright Edafe, and dated October 25, 2026.

SEE ALSO: JUST IN: Ex-Delta Governor Emmanuel Uduaghan Is Dead

According to the police, the father alleged that the suspect abducted his daughter while she was preparing to leave for school. The suspect reportedly contacted him afterward, demanded ₦503,000 and threatened to kill the minor if the ransom was not paid.

After the payment was made, the victim was allegedly abandoned along Oton Road in Sapele, where she was reunited with her family in a traumatised condition, with indications of sexual assault.

Following the report, operatives of the Sapele Area Command commenced investigations, while the victim was taken to a medical facility for examination and treatment.

The police also invited the school’s principal and vice principal for questioning as investigations continued.

The suspect reportedly abandoned the school bus and fled after the incident. However, acting on credible intelligence, police operatives traced him to his hideout in the Ajimele area of Sapele, where he was arrested on October 23.

During preliminary interrogation, the suspect reportedly confessed to his involvement in the crime, according to the police.

The command said arrangements were underway to transfer him to the State Criminal Investigation Department in Asaba for further investigation.

Reacting to the incident, the Commissioner of Police in Delta State, CP Samuel E. Erale, condemned the alleged crime and reaffirmed the command’s commitment to protecting children from violence and exploitation.

The commissioner reiterated the command’s commitment to “protecting children from all forms of violence and exploitation.”

He also assured the public that “investigations will be thorough and that anyone found culpable will be brought to justice.”

Erale further called on school authorities, parents and transport operators to exercise greater vigilance in safeguarding children, stressing that “the safety of every child entrusted to their care must remain paramount.”

 

 

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