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SEC Raises Alarm Over AI-Powered Investment Scams in Nigeria

Phinadon Mag

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The SEC warns Nigerians against AI scams using deepfakes and fake endorsements to promote unregistered investment platforms like CBEX, Silverkuun, and TOFRO.

The Securities and Exchange Commission (SEC) has issued a strong warning to Nigerian investors amid rising concerns about fraudulent investment schemes leveraging artificial intelligence (AI) to deceive unsuspecting victims.

What’s Going On

Fraudsters are increasingly using AI tools, including deepfakes and algorithm-generated content, to create the appearance of legitimacy and lure investors into fake platforms.

  • Scammers are advertising so-called “innovative” investment platforms that promise guaranteed returnszero risk, and endorsements from celebrities or public figures. Many of these claims are fabricated using AI.
  • The SEC has flagged platforms such as CBEX, Silverkuun, and TOFRO for operating without registration. These entities reportedly use AI-powered trading systems to mislead investors.
  • Deepfake videos and altered content featuring public figures are being circulated on Facebook, Instagram, and Telegram, often as paid ads or viral reels, to create false endorsements and build trust.

SEC’s Response

The SEC says it is strengthening its surveillance capabilities to track fraudulent activities in real time.

  • The commission is working closely with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) to share data and coordinate enforcement actions.
  • It is also engaging with major social media platforms to reduce misleading ads, particularly those promoting unverified investment schemes.
  • Influencers and content creators are being cautioned against promoting unlicensed financial products, according to reports.

What Investors Should Watch Out For

The SEC has urged Nigerians to remain vigilant and take the following precautions:

  1. Verify registration: Always confirm if a platform is duly registered with the SEC by checking its official website.
  2. Question unrealistic promises: Be skeptical of any investment that guarantees unusually high returns, claims zero risk, or uses video endorsements from public figures.
  3. Beware of AI-driven claims: Treat offers that emphasize AI-powered trading systems or use AI-enhanced marketing with caution.
  4. Avoid “too good to be true” offers: If an investment sounds unrealistic, it likely is.

The SEC emphasized that protecting investors from fraudulent schemes remains a top priority, especially as scammers adopt new technologies like AI to exploit trust and spread misinformation.

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Entertainment

Burna Boy makes history as the first male artist to reach No. 1 on Spotify’s Global Music Video Chart.

Ikechukwu Emmanuel

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Nigerian superstar Damini Ogulu, famously known as Burna Boy, has once again etched his name in history, this time by becoming the first male artist to claim the coveted #1 spot on Spotify’s newly launched Global Music Video Chart. This monumental achievement comes courtesy of his electrifying World Cup anthem with pop icon Shakira, ‘Dai Dai.’

‘Dai Dai’ has proven to be an unstoppable force, not only conquering the Spotify chart but also making significant waves on the Billboard Hot 100, where it recently soared to a new peak of #13. Industry experts are already predicting a top 10 entry next week, fueled by the highly anticipated World Cup Final Halftime Show performance by Burna Boy and Shakira this coming Sunday.
The song’s dominance extends far beyond these charts. ‘Dai Dai’ remains the most-streamed music video of 2026 on YouTube, boasting an astonishing half a billion views. It has also reached the pinnacle of the Apple Music Global Songs Charts, solidifying its status as a global phenomenon.

Burna Boy’s incredible success with ‘Dai Dai’ has further cemented his position as a titan of the music industry. He has extended his record as the African artist with the most monthly listeners in Spotify’s history, surpassing an astounding 53 million. Not stopping there, he has also set a new benchmark on YouTube Music, becoming the African artist with the most monthly listeners, exceeding 600 million.
These extraordinary achievements are a testament to Burna Boy’s undeniable talent, global appeal, and the ever-growing influence of Afrobeats on the international music scene. He continues to break barriers and inspire millions, proving that music truly knows no boundaries.

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Entertainment

Cardi B Addresses Maduka Okoye Speculation: “I’m Really Hip Hop’s Britney Spears”.

Ikechukwu Emmanuel

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In the relentless glare of public scrutiny, Grammy-winning artist Cardi B has once again found herself at the center of swirling rumors, this time concerning her burgeoning friendship with Super Eagles goalkeeper Maduka Okoye. Recent public appearances, including a dinner in Venice, ignited speculation about a potential romance, prompting Cardi B to candidly address the incessant public interest in her personal life.

The rapper, known for her unfiltered honesty, voiced her frustration in a widely circulated video, lamenting the disproportionate attention her activities receive compared to those of her peers. She highlighted a perceived double standard, where ordinary facets of her life become subjects of intense public debate, while similar situations involving other celebrities garner little to no interest.

“No cap, I’m really hip hop’s Britney Spears,” Cardi B declared, drawing a parallel to the pop icon who has famously navigated intense media scrutiny throughout her career. She continued, “I got all the tea on these celebrities. I know who’s with who and what’s doing what. But guess what? Nobody reports about it because nobody cares.”

Her exasperation was palpable as she added, “But when it comes to me, I can’t even do anything without people talking about it. This is crazy. You’ve got to take the good with the bad. It is what it is. People pay for this type of talk.”

Cardi B’s comments arrive amidst a crescendo of speculation surrounding her relationship with Okoye. The pair have been observed together on multiple occasions, notably during Paris Fashion Week and their recent rendezvous in Venice, fueling the ever-present social media buzz. Despite the widespread conjecture, neither Cardi B nor Okoye has publicly confirmed any romantic involvement, leaving the nature of their connection open to continued public interpretation and discussion.

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Fabian Ruiz Targets 2026 Ballon d’Or After Incredible Trophy-Laden Season.

Ikechukwu Emmanuel

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In a sport often dominated by household names, Paris Saint-Germain’s midfield maestro, Fabian Ruiz, has boldly declared his ambition to claim the coveted Ballon d’Or in 2026. The Spain international, fresh off a truly remarkable season, has articulated a desire that resonates with every professional footballer: to be recognized as the world’s best.

Ruiz, at 30 years old, has enjoyed a sensational campaign that has seen him achieve the pinnacle of both club and international football. Lifting the Champions League trophy with PSG and, even more significantly, securing the World Cup with Spain, has propelled him into conversations previously reserved for a select few. His performances throughout these triumphs have been nothing short of exceptional, showcasing a blend of tactical intelligence, technical prowess, and an uncanny ability to dictate the tempo of a game.

The World Cup, in particular, served as a global stage for Ruiz to demonstrate his undeniable talent. As the tournament progressed, his name began to circulate with increasing frequency among pundits and fans alike as a genuine contender for individual accolades. This growing recognition is a testament to his consistent high-level play and his ability to perform under immense pressure.

When questioned about his aspirations, Ruiz’s response, as reported by Marca, was both humble and resolute: “Who wouldn’t want to win a Ballon d’Or? I’m happy with the season I have had, winning the Champions League and the World Cup. If I’m in the running, it will be an honour.” This statement encapsulates the sentiment of a player who appreciates his current successes while simultaneously striving for even greater heights.

Fabian Ruiz’s declaration injects an exciting narrative into the footballing world. As he continues to perform at an elite level, all eyes will be on whether this gifted midfielder can transform his audacious ambition into reality and etch his name into the annals of football history as a Ballon d’Or winner.

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