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SEC Warns Influencers, Bloggers Against Promoting Unregistered Schemes

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By Abubakar Yunusa

The Securities and Exchange Commission (SEC) has issued a warning to influencers and bloggers, cautioning them against promoting unregistered investment schemes.

The Commission emphasized that it is working closely with law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC), the Nigerian Police Force, and other relevant government bodies, to investigate and prosecute violators.

Director General of the SEC, Dr. Emomotimi Agama, stated that the Investments and Securities Act (ISA) 2025 specifically targets promoters of unregistered schemes, urging celebrities, social media influencers, and bloggers to steer clear of endorsing such ventures to avoid legal consequences.

“The law also targets influencers and bloggers who promote fraudulent schemes, with clear penalties including imprisonment. We are therefore using this medium to warn such persons to desist from promoting unregistered entities”.

Agama said the SEC is intensifying efforts to combat Ponzi schemes following the enactment of the Investments and Securities Act (ISA) 2025, a landmark law signed by President Bola Ahmed Tinubu.

The new legislation explicitly defines Ponzi schemes and introduces stringent sanctions, including a minimum fine of ₦20 million and a 10-year jail term for promoters of such fraudulent schemes.

Dr. Agama emphasized the Commission’s capacity and readiness to tackle Ponzi schemes, stating, “SEC is capable, has the capacity, has the knowhow and of course will be able to deal with anyone caught in this mess”.

He highlighted that the SEC has dealt with similar schemes before and will continue to do so, leveraging the new powers granted by ISA 2025 to protect investors and develop the market.

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“The recent collapse of CBEX, a digital investment platform accused of defrauding Nigerians of over ₦1.3 trillion, has underscored the urgency of this crackdown. CBEX promised unrealistic returns, doubling investments within a month, and deceived many with false claims of global affiliations”

Dr. Agama noted, “We will shut down their operations and the promoters will be made to face the full weight of the law”.

He said the ISA 2025 also brings digital assets under the SEC’s regulatory umbrella for the first time, recognizing virtual assets as securities.

This inclusion, Agama said, means that Virtual Asset Service Providers and Digital Asset Exchanges must register with the SEC and comply with regulations, closing previous legal gaps exploited by fraudulent operators.

According to him, “Education is a key pillar in the SEC’s strategy. The Commission has launched podcasts, social media campaigns, and is integrating capital market education into schools and universities.

“We have launched a podcast where we educate and enlighten Nigerians on the dangers of investing in unregistered schemes”.

The SEC also urged Nigerians to verify any investment opportunity with the Commission before committing funds, warning that once it is too good to be true it certainly is not true”.

The SEC DG emphasised that the Commission remains committed to protecting investors in line with its twin objectives of investor protection and market development and urged Nigerians to be cautious, consult professionals before investing, and to avoid schemes promising unrealistic returns.

“The SEC has also established departments for monitoring market activities and conducting inspections to detect irregularities early. We have a monitoring department, we also do onsite inspections, once we hear anything we do something. These proactive measures aim to prevent the recurrence of massive frauds like CBEX.

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“The Commission is focused on democratizing wealth through a safe and transparent capital market. We are committed to providing a safe investment environment, the capital market helps you to democratize wealth for everybody. The ISA 2025 thus represents a significant step forward in protecting Nigerian investors and fostering a resilient financial market”, he added.

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Uba Sani: Least Paid Worker In Kaduna Earns N72,000

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Uba Sani, governor of Kaduna, says no worker in the state earns less than N70,000 as salary in compliance with the new minimum wage.

Sani spoke on Thursday at Murtala Square in Kaduna on occasion the Workers’ Day celebration.

The governor said the least paid worker in the state earns N72,000, noting that he believes in the dignity of labour, adding that the issue of incremental adjustment of salaries would be addressed soon.

“I have been involved in the struggle for labour rights, workers’ rights. That is my antecedent. Because of my background, I sat down with the leadership of the Nigerian Labour Congress (NLC),” Sani said.

“I made it clear to them that though we have met the minimum wage requirement but there is something called incremental adjustment which is discretionary.

“Because of my relationship with both NLC and TUC, I asked them that we should sit down and come up with a formular that will make every worker in Kaduna state happy, irrespective of his or her status and they came up with three different options.

“Today, I want to reaffirm to all of you here that by the grace of God, we will look at the incremental adjustment and ensure that even senior civil servants will benefit because we have to make our workers happy.’’

The governor added that his administration also prioritises improving the living conditions of pensioners.

He said the state government has released N3.8 billion to settle outstanding gratuities, death benefits, and accrued rights under the contributory pension scheme in April.

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“Since the inception of our administration, we have cumulatively paid the sum of N10.4 billion in gratuity, death benefits, and accrued rights in the Contributory Pension Scheme,” Sani said.

The governor said the payment of such a huge sum to pensioners is “unprecedented.”

Commenting on the ongoing industrial action by the Kaduna State University branch of the Academic Staff Union of Universities (ASUU), Sani said his administration has done everything to reposition the school.

According to him, more than 60 percent of the courses were not accredited when he assumed office, but his administration spent over N300 million to secure National Universities Commission (NUC) accreditation.

The governor said the striking lecturers’ demands had accumulated over 17 years, with about three of his predecessors unable to settle the liabilities, which now total between N5 billion and N6 billion.

“In spite of this, the lecturers want us to settle these liabilities now, and I said no. I said that we have to sit down and have a dialogue. I then asked them, where were their voices in the last 17 years?” he said.

He promised that the problem would be addressed owing to the importance of education, which he described as the “greatest leveller”.

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PETROAN Asks FG To Prioritise Welfare Of Oil, Gas Workers

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the government to prioritise the welfare of oil workers, given the hazardous nature of their work.

In a statement on Thursday, Billy Gillis-Harry, PETROAN’s president, hailed oil and gas workers across the country on Workers’ Day.

According to Joseph Obele, PETROAN’s spokesperson, Gillis-Harry, while addressing journalists in Abuja, appealed to the government and stakeholders in the industry to improve welfare packages and expand health insurance for oil workers.

“Studies have shown that workers in areas where gas flaring is prevalent are at high risk of several health challenges, which can affect them physically, mentally and even increase cancer risks,” Gillis-Harry was quoted as saying.

The association said gas flaring remains a serious problem in Nigeria’s energy industry, exposing workers and nearby communities to harmful health and environmental effects.

The group said the impact of gas flaring highlights the urgent need for better health protection and general welfare for those working in the sector.

According to the statement, Gillis-Harry urged regulatory bodies to strictly enforce existing laws aimed at stopping gas flaring in the country.

“It’s imperative that we prioritise the health and well-being of our workers and protect the environment from the harmful effects of gas flaring,” the president said.

The spokesperson said PETROAN believes ending gas flaring would reduce its harmful impact on workers and host communities and help build a more responsible oil and gas industry.

Obele said PETROAN commended governors who have started paying the new minimum wage, especially those paying above the set rate.

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“Billy Gillis-Harry called on governors who are yet to comply to do so in the shortest possible time, emphasising the need for workers to receive fair compensation for their labour,” he said.

He said the association also reaffirmed its commitment to collaborating with stakeholders to support oil and gas workers and ensure safe and healthy working environments.

Obele said PETROAN is of the view that better welfare and an end to gas flaring would boost productivity, reduce accidents, and raise performance across the industry.

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MTN Nigeria posts N1trn revenue surge

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MTN Nigeria Communications Plc generated N1.0 trillion in service revenue in the first quarter of 2025.

This marks a 40.5 per cent increase from the N752.99 billion earned in Q1 2024.

The company confirmed this in a corporate filing with the Nigerian Exchange Ltd. on Tuesday.

Profit after tax dropped by 134 per cent, falling to N133.7 billion from N392.7 billion in the same period of 2024.

Its total subscriber base grew by 8.2 per cent to 84.1 million, with 3.2 million new additions in Q1 2025.

Active data users rose by 13 per cent to 50.3 million, following the addition of 2.6 million users.

EBITDA climbed 65.9 per cent to N492.7 billion, while EBITDA margin improved by 7.2 percentage points to 46.6 per cent.

The company recorded free cash flow of N209.9 billion and earnings per share stood at N6.38.

MTN Nigeria CEO, Karl Toriola, expressed satisfaction with the Q1 2025 results, citing strong strategic execution and resilient service demand.

He said momentum from Q4 2024 had helped put the firm on track to restore profitability and achieve a positive net asset position.

He added that regulatory approval for price adjustments was essential to sustain investment and maintain service quality.

This approval enabled N202.4 billion in capital expenditure, up 159 per cent, aimed at expanding capacity and enhancing user experience.

Toriola said the 40.5 per cent growth in service revenue underscored strong demand and commercial discipline.

He noted that Q1 results do not yet reflect the full impact of price changes made late in the quarter. (NAN)

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