The Director General, Securities and Exchange Commission (SEC), Emomotimi Agama has warned celebrities and influencers against promoting unregistered investment platforms.
He noted that promoting or endorsing ponzi schemes could attract legal consequences, maintaining that the commission frowns upon promotion of meme coins or projects that harm the public.
This is as the commission cautioned the public against investing in unregistered digital investment platforms, amid mounting concerns over the rising popularity of such platforms.
This renewed stance by the commission follows social media uproar following the crash of CBEX, a digital asset trading platform which recently bolted with investors’ funds.
He emphasised that the new act grants SEC enhanced powers to regulate digital asset platforms, including the authority to prosecute operators of unregistered platforms and ponzi schemes.
The act stipulates that such operators face up to ten years in prison and fines of up to ₦40 million.