The Securities and Exchange Commission has warned Nigerians to be careful of fake investment schemes being promoted on social media platforms. According to the commission, these schemes often promise unusually high returns in a short time and use professional-looking posts, fake testimonials, and celebrity endorsements to appear legitimate.
The warning comes as more Nigerians turn to Instagram, TikTok, WhatsApp, and Facebook for financial opportunities. The SEC said many of these platforms are being used to lure people into unregistered and fraudulent investment programs that eventually collapse, leaving investors with losses. It emphasized that any investment offer that guarantees returns or pressures people to act quickly should be treated with suspicion.
Officials noted that genuine investment products in Nigeria must be registered with the SEC, and urged the public to verify any company or scheme before committing money. The commission also reminded citizens that no legitimate investment can guarantee profit without risk, and that social media popularity does not equal regulatory approval.
This isn’t the first time the SEC has issued such a warning. Over the past few years, the rise of online scams has made it harder for people to distinguish between real opportunities and traps. The commission said it is working with other agencies to track and shut down these operations, but advised Nigerians to take personal responsibility by doing proper checks.
For anyone considering an investment, the advice is simple: confirm registration, ask for documentation, and avoid deals that sound too good to be true.
Reported by
Lauretta Fyneface.
