Godsent Ogbebor – Abuja Correspondent
SEC Raises Alarm as Deep Fakes Drive AI Scam Surge in Nigeria
The Securities and Exchange Commission (SEC) has expressed growing concern that artificial intelligence is being weaponised by fraudsters to exploit Nigerian investors, as online scams increasingly rely on manipulated videos and algorithm-driven platforms to lure victims.
In its latest advisory, the regulator noted that the problem has gone beyond simple fraudulent promises. Scam networks are now using AI-generated deep fakes, convincing digital fabrications of celebrities and public figures to give fake investment schemes a stamp of credibility.
These videos, often spread on Facebook, Instagram, and Telegram, are designed to trick unsuspecting individuals into believing that trusted personalities endorse dubious platforms.
The SEC identified CBEX, Silverkuun, and TOFRO as recent examples of unregistered entities using artificial intelligence to market products that promised guaranteed profits with zero risk.
However, none of the platforms had approval to operate, yet they managed to reach large audiences with fabricated claims of AI-powered trading systems.
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“This is no longer traditional fraud. The use of technology has raised the stakes, making it harder for ordinary investors to tell the difference between genuine opportunities and calculated traps,” the SEC warned.
The regulator added that these schemes have become a serious threat to market stability, as the sophistication of AI makes scams appear legitimate and nearly impossible to verify without deeper checks.
It also confirmed that it is deploying advanced monitoring systems capable of detecting real-time digital fraud, while partnering with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) to share intelligence and enforce stricter oversight.
Beyond enforcement, the SEC disclosed that it is engaging global social media platforms to cut down on misleading ads and has cautioned online influencers not to promote unlicensed schemes. Those who do, it said, risk facing sanctions or legal action.
The commission urged Nigerians to protect themselves by verifying the registration status of any financial operator on its official website, stressing that any offer promising unrealistic profits should raise suspicion.
Analysts say the warning highlights a growing battle between regulators and scammers in the digital age, where artificial intelligence is being turned into a tool for deception. Meanwhile, SEC’s efforts is said to slow down the wave as investors are reminded that the best protection remains vigilance and skepticism toward “too good to be true” promises.
