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ABUJA — The Securities and Exchange Commission (SEC) has cautioned Nigerian celebrities and social media influencers against promoting digital asset platforms and meme coins that are not registered or licensed.
This warning comes after the collapse of CBEX, a popular crypto trading platform, which left many users unable to access their funds. In reaction, angry investors attacked the office of Smart Treasure (ST Team), a branch of CBEX, in Ibadan, Oyo State.
Dr. Emomotimi Agama, Director-General of SEC, raised the alarm during a press briefing, stating that influencers and celebrities must avoid encouraging Nigerians to invest in unregulated digital assets. He stressed that these activities can lead to financial loss and damage public trust in the digital economy.
Citing the new Investments and Securities Act 2025, signed into law by President Bola Ahmed Tinubu, Dr. Agama explained that the Act sets clear rules for digital asset operations in Nigeria. It includes mandatory registration of platforms to ensure transparency, protect investors, and prevent fraud.
According to him, “Even celebrities must be careful about what they promote. Supporting meme coins or digital assets that mislead Nigerians will not be accepted. If it is not registered, it is illegal.”
He added that the SEC is ready to enforce the law against promoters of illegal crypto activities, including ponzi schemes and pump-and-dump tokens.
Dr. Agama reaffirmed that the new law encourages growth in the FinTech and digital asset space but must be followed with full compliance to regulations.
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