The Securities and Exchange Commission (SEC) has warned Nigerians to avoid unregistered online investment schemes being promoted on social media platforms such as WhatsApp, Instagram, Telegram, Facebook and TikTok. SEC says many of these platforms display features of Ponzi or other prohibited investment operations, and that some operators are offering unauthorized investment services.
The commission urges the public not to invest in platforms that promise unrealistic or guaranteed returns, and warns against trusting investment advice from unregistered individuals or groups online. It also reminded Nigerians that, under the Investments and Securities Act, only SEC‑registered entities are permitted to market investment products, give investment advice, or solicit funds from the public in the Nigerian capital market.
