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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

Enugu Church Attack: Three Suspected Kidnappers Arrested, Four AK-47s Recovered

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Sit-At-Home: Two Killed As Police Take Over Enugu Streets

Three suspected members of a notorious kidnapping gang allegedly linked to the August 2 attack on St. Joseph’s Catholic Church, Inoyi-Affa, in Udi Local Government Area of Enugu State, have been arrested by security operatives.

The suspects were apprehended during a joint operation involving the Department of State Services, Nigerian Army, Nigeria Police Force, Enugu State Forest Guard and other security personnel.

SEE ALSO: Osun Election: Gunmen Invade PVC Centre, Cart Away Voter Cards

One suspected kidnapper was reportedly killed during a gun battle with the security forces, while four AK-47 rifles and ammunition were recovered from the gang.

The development was disclosed on Monday night when Enugu State Governor, Peter Mbah, visited the state DSS headquarters to inspect the arrested suspects.

Representing the governor, the Secretary to the State Government, Prof. Chidiebere Onyia, said two of the three victims abducted during the August 2 attack had regained their freedom.

The victims, identified as Seminarian Lawrence Igbo and Emmanuel Onwudi, reportedly identified the arrested suspects as the individuals who abducted them.

“There was one fatality in this process. It was one of the criminals that died in the process of apprehending them,” Onyia said.

He added that the arrested suspects would face the full weight of the law.

The SSG said the state government would continue to strengthen its security architecture and collaborate with security agencies to prevent criminal activities across Enugu State.

He warned criminal elements that the state would not provide a safe haven for their activities.

Onyia also cautioned residents against assisting or providing information to criminal groups, stressing that anyone found collaborating with such groups would be investigated and prosecuted.

“We will find you also, just as we have found these people, and we will prosecute you as part of this evil operation and this evil syndicate,” he warned.

The SSG commended the DSS, Nigerian Army, Police, Enugu State Forest Guard and other security agencies for their efforts in apprehending the suspects and recovering the weapons.

He further assured residents that investigations were ongoing and that the government would continue to pursue those involved in criminal activities in the state.

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Crime

Ilesa Shooting: Police Release Osun Commissioner on Bail

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The Osun State Police Command has released the state Commissioner for Environment, Mr Mayowa Anjorin, on bail following his arrest over an alleged shooting incident during a political procession in Ilesa.

The command’s spokesperson, DSP Abiodun Ojelabi, confirmed the commissioner’s release to the News Agency of Nigeria (NAN) on Sunday.

SEE ALSO: Osun Election: Gunmen Invade PVC Centre, Cart Away Voter Cards

Ojelabi said Anjorin was released at about 1:00 p.m. after being granted bail.

“The commissioner has been released. He was released around 1.00 p.m on bail,” the police spokesperson said.

He, however, disclosed that an Amotekun operative arrested alongside the commissioner remains in police custody.

“The Amotekun operative arrested alongside the commissioner and the gun found with him (the Amotekun operative) are still with us,” Ojelabi added.

He stressed that investigations into the incident were still ongoing.
The commissioner’s arrest followed an alleged shooting during a political procession in Ilesa on Saturday.

According to the police, suspected armed men allegedly arrived in a government vehicle, alighted and fired into the vicinity of the ongoing political procession.

The suspects were reportedly dressed as personnel of the Osun State Security Network Agency, popularly known as the Amotekun Corps.

The incident reportedly left three people with gunshot injuries. The victims were taken to hospital for medical treatment.

Meanwhile, the police said investigations would continue to establish the circumstances surrounding the shooting and the roles of those arrested.

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Crime

Jigawa Bloodshed: Police Arrest Nine After Deadly Market Violence

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The Jigawa State Police Command has arrested nine suspects in connection with separate incidents of deadly violence, including a fatal market clash, attacks on security personnel, and a homicide case in different parts of the state.

The command’s spokesperson, SP Shi’isu Adam, disclosed the arrests in a statement issued in Dutse, describing them as part of the police’s ongoing efforts to maintain law and order across Jigawa State.

SEE MORE: NSCDC Intensifies Search For Jigawa Polytechnic Hostel Attackers

According to Adam, two suspects were arrested over the violent unrest that broke out at Gujungu Market in Taura Local Government Area on July 26.

“The disturbance reportedly began following a misunderstanding between a soldier and one Biniya Alhaji Ibrahim, 25, of Miga Local Government Area, at the market,” he said.

The police spokesperson explained that the disagreement escalated into violence after the soldier allegedly stabbed Ibrahim.

“During the altercation, the soldier allegedly stabbed Biniya with a knife, resulting in injuries from which the victim was later confirmed dead by a medical doctor,” Adam stated.

The incident reportedly triggered chaos in the market as hoodlums allegedly attacked a police station, fired bows and arrows at security personnel, and set two thatched shops ablaze.

Adam said intelligence-led operations led to the arrest of two suspects identified as Muhammed Muhammed, 22, of Gagarawa Local Government Area, and Faridu Mohammed, while efforts are ongoing to apprehend other fleeing suspects.

In a related development, six more suspects were arrested for allegedly attacking two vigilante members with sticks and cutlasses during the same disturbance.

“As a result of the assault, one vigilante member sustained fatal injuries and was certified dead by a medical doctor, while the second victim is currently responding to treatment at a medical facility,” the police spokesperson said.

The six suspects were identified as Isiyaku Abdulkarim, 55; Yahaya Habu, 31; Ibrahim Abubakar, 30; Audu Mamman Janare, 30; Ya’u Duga, 65; and Mamman Musa, 20, from Taura, Gagarawa, Kaugama and Jahun Local Government Areas.

Police also recovered six cows believed to have been abandoned during the unrest.
In another incident, the command arrested 20-year-old Saminu Ibrahim of Gidan Gona Village, Ringim Local Government Area, over the alleged fatal stabbing of another 20-year-old during a dispute in Dabigel Village.

According to the police, preliminary investigations revealed that an argument between the two youths degenerated into violence, during which the suspect allegedly stabbed the victim in the chest with a sharp metal object locally known as “Danbuda.”

The victim later died while receiving treatment at the hospital.

“Acting swiftly, police operatives arrested one Saminu Ibrahim, 20, of Gidan Gona Village, Ringim Local Government Area, in connection with the incident,” Adam said.

He added that the suspect would be transferred to the State Criminal Investigation Department in Dutse for further investigation before being arraigned in court.

Meanwhile, the police said a stakeholders’ engagement involving Miyetti Allah, traditional rulers, community leaders, religious leaders, security agencies, youth representatives and other relevant stakeholders is ongoing to address the root causes of the Gujungu Market violence and prevent a recurrence.

Adam said the Commissioner of Police commended officers and other security personnel for their swift response to the disturbances and reassured residents of the command’s commitment to protecting lives and property.

The command also urged members of the public to remain calm, law-abiding and continue providing timely and credible information to support ongoing investigations.

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