As Ponzi schemes evolve in Nigeria, many are no longer led by faceless scammers. Instead, they now wear the familiar faces of celebrities, social media influencers, and online content creators.
From actors to comedians and even musicians, these public figures are lending legitimacy to illegal investment platforms, often unknowingly, but sometimes for a fee.
When Fame Becomes a Tool for Fraud
The Director-General of the Securities and Exchange Commission (SEC), Dr Emomotimi Agama, has raised the alarm on the growing use of influencer marketing in fraudulent schemes.
“Celebrities are becoming enablers,” he said in a recent interview. “Their trusted voices are being used to mislead the public into scams.”
Many of these influencers promote unlicensed schemes to millions of followers on Instagram, TikTok, and YouTube platforms where trust is high and verification is low.
SEC Now Watching Influencers Closely
According to Dr Agama, the new Investments and Securities Act (ISA 2025) empowers the SEC to hold influencers accountable for promoting illegal financial products.
“Anyone who promotes an unlicensed scheme, celebrity or not, will face consequences,” he said. “We can now fine and prosecute them.”
Under the new law, violators can face up to ₦1 billion in fines or 10 years in prison.
ALSO READ: SEC Probes 79 Ponzi Schemes, Flags FF Tiffany as Major Threat
The Illusion of Legitimacy
Many influencers advertise platforms that promise double returns, crypto trading, or quick loans. Some claim the platforms are “approved” simply because they have a Corporate Affairs Commission (CAC) certificate.
But the SEC insists: CAC registration only means a company exists; it does not mean it can handle investments.
Call for Caution and Accountability
The SEC urges Nigerians to verify every investment platform at www.sec.gov.ng before trusting it, no matter who promotes it.
“The face you trust may be unknowingly leading you into fraud,” Dr Agama warned.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
