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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

Crude Oil Thieves Perish in Rivers

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Almost 40 suspected oil thieves have paid for their illegal acts with their lives at the Okari Jetty, Okirika Local Government Area, Rivers State.

It was gathered that they were choked to death in the early hours of Thursday, after inhaling substance from the stolen crude they were loading into their boats.

According to community sources, many other individuals involved in the illicit act were yet to be traced, even as the incident has left the entire local government area devastated.

The storyline has it that the incident occurred when a vessel anchored at a jetty along the riverside to load a petroleum product for export, and over 200 persons mostly youths from neighbouring communities stormed the jetty with locally made boats to illegally load from a tapped point.

READ ALSO: NMDPRA Shares July Domestic Cooking Gas Supply Details

Reliable sources aver that while the loading was going on the pungent odour of the product saturated the air and choked the victims.

The source added that many of the criminals collapsed into the river and those who managed to escape the scene, left with serious respiratory challenges for which they are being treated at an undisclosed hospital in Port Harcourt.

Confirming the incident, Executive Director, Youths and Environmental Advocacy Centre (YEAC-Nigeria), Dr. Fyneface Dumnamene Fyneface, said its network of youth volunteers and human rights defenders in the Okrika Local Government Area reported that no fewer than 37 had been confirmed dead after inhaling “Indorama fuel”.

Dr. Fyneface, in a statement in Port Harcourt, said the victims had connected a pipe to a tapping point on a pipeline that normally transported product from Indorama Eleme Petrochemical through the Port Harcourt Refinery to vessels that usually came every two weeks to load for export.

He said: “According to the report, no fewer than 37 persons suspected to be oil thieves died after inhaling what is locally called ‘Indorama Fuel’. Many others are still missing. The incident occurred during the illegal loading of the product into a ship at a tapping point.

“The incident is said to have occurred at about 12:00am on Thursday, September 3, 2026, at the Okari Jetty, Okrika Mainland area.

“The report further stated that while a vessel was loading the product and the men were simultaneously loading into their waiting boats from the illegal tapping point, they inhaled the product being pumped at high pressure. This led to the death of not fewer than 37 persons. Many are still missing, and some corpses have been seen floating on the river but have not yet been recovered”.

He called on the National Oil Spill Detection and Response Agency (NOSDRA) to carry out a Joint Investigation Visit (JIV) to the site of this incident.

He requested the companies that owned the vandalised facilities to provide adequate security on their pipelines to prevent a recurrence of the ugly incident.

He said: “The Advocacy Centre condemns this act of sabotage by the youths and warns them to stay away from oil and gas infrastructure due to the high pressure and associated dangers.

“While calling for investigation into the incident, the Advocacy Centre also calls on the government to provide alternative livelihood opportunities, including the canvassed modular refineries and the legalization of artisanal refining.

“This can be achieved through the establishment of YEAC-Nigeria’s proposed Presidential Artisanal Crude Oil Refining Development Initiative (PACORDI) as well as the proposed Niger Delta Industrial Park to provide alternative opportunities for displaced artisanal refiners in the Niger Delta.”

Though, locals in the Okari jetty told newsmen that the number of casualties in the incident could be over 43, but the confirmed number is 37 as at the time of filing the report.

Police spokesperson in Rivers State, ASP Agabe Blessing Karbalo, who confirmed the incident, said the victims were allegedly attempting to steal crude oil.

She said that while no official complaint has been lodged with the command, it has commenced an investigation.

She said, “The suspects reportedly died in the process of attempting to steal crude oil. However, no official complaint has been received in connection with the incident at this time.

“Investigation is ongoing to establish the circumstances surrounding the incident and ascertain the facts.”

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Crime

Navy Cracks Down on Crude Theft, Illegal Refining in Rivers, Delta

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Professional efforts of the Nigerian Navy (NN) has led to discovery of crude oil theft and illegal refining activities in Rivers and Delta States.

It was gathered that operatives of the NN discovered three suspected illegal refining sites, six reservoirs and about 99,000 litres of products suspected to be stolen crude oil and illegally refined Automotive Gas Oil (AGO) in both states.

These unfolded during separate operations by NN Ship (NNS) SOROH and NNS DELTA on August 31, 2026, relying on credible intelligence on suspected illegal petroleum activities in the area.

According to a statement issued by the Director of Naval Information, Captain Abiodun Folorunsho, the operations also led to the discovery of illegal refining infrastructure, including a large refining oven, storage facilities and dugout reservoirs containing suspected stolen crude oil.

READ ALSO: NMDPRA Shares July Domestic Cooking Gas Supply Details

He said the operations represented a significant disruption to the activities of oil thieves and illegal refiners, particularly by targeting the infrastructure used to store and process stolen petroleum products.

Folorunsho added that the identified sites, facilities and recovered products were handled in accordance with established procedures.

The latest operations, the Navy said, underscored its continued efforts to sustain pressure on criminal networks operating in the oil-producing region and deny them access to infrastructure required to carry out crude oil theft and illegal refining.

The Navy also reiterated its commitment to supporting efforts to protect Nigeria’s oil and gas resources and curb activities capable of undermining the country’s economy and environment.

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Crime

Drama in Court as Ex-Benue Councillor Faces Assault, Attempted Homicide Charges

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Benue Dangles Vast Mineral Resources Before Investors

Drama unfolded at the Upper Area Court 2 in Otukpo, Benue State, as a former councillor, Daniel Ujah, was remanded at the Otukpo Correctional Centre over alleged assault and attempted culpable homicide.

Ujah, 43, who represented Awume-Icho Ward in Ohimini Local Government Area, was arraigned by the Nigeria Police on charges including criminal trespass, intimidation, criminal force and assault, causing grievous hurt, and attempted culpable homicide.

SEE ALSO: 16 Feared Dead as Armed Herdsmen Unleash Fresh Terror in Benue

The charges followed a petition filed by Rebecca Adole at the Area Commander’s Office in Otukpo, according to the First Information Report marked CR33/2026.

The police alleged that on August 28, 2026, Ujah trespassed into the compound of Adole’s mother, Amina Iduh, at Akwutulo, Awume, where he allegedly assaulted her.

According to the FIR, Iduh had returned from the farm when she was allegedly attacked, beaten and pushed into a fire, leaving her with injuries to her buttocks. Her clothes were also reportedly burnt during the incident.

The police said the woman was subsequently taken to a hospital in Onyagede, Ohimini Local Government Area, where she is receiving treatment.

Ujah was also accused of threatening to kill the woman and allegedly claiming that nobody would be able to stop him.

When the case came up for mention on Wednesday, Ujah pleaded not guilty to the charges.

His counsel, Rev. O. Simon, who held brief for P.O. Ella, applied for bail, but the prosecuting counsel, Inspector Nancy Alechenu, opposed the application.

Presiding magistrate, Hasia Garuba, subsequently ordered that Ujah be remanded at the Otukpo Correctional Centre pending further proceedings.

The court adjourned the case until September 22, 2026, for further mention.

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