SEC Warns Davido, Taaooma, Others Over Endorsement of Unregistered Investment Platform CBEX
The Securities and Exchange Commission (SEC) of Nigeria has issued a stern warning to Nigerian celebrities, including music star Davido and comedian Taaooma, over their involvement in promoting CBEX, an unregistered investment platform.
According to the SEC, CBEX is not licensed to operate in Nigeria’s capital market and is therefore considered an illegal investment scheme. The commission expressed concern that celebrities with massive followings could unintentionally mislead the public into putting money into high-risk or fraudulent ventures…….CONTINUE READING
In a public statement, the SEC stated:
“The Commission wishes to remind the investing public that any investment scheme not registered or approved by the SEC is a potential risk to investors.”
CBEX, a crypto-related platform claiming to offer quick returns, gained popularity in recent weeks due to endorsements by top influencers and entertainers. However, the SEC insists that such promotions violate Nigeria’s investment laws and could have legal consequences.
The regulatory body urged the public to be wary of investment opportunities that promise unrealistic returns, especially those aggressively marketed by celebrities or on social media.
This development follows earlier warnings about similar schemes and reinforces the commission’s stance on protecting Nigerian investors from financial exploitation.
