CBEX, Silverkuun, TOFRO Operating Without SEC Registration – Commission Raises Alarm
Mirian Gom 
ABUJA, Nigeria – The Securities and Exchange Commission (SEC) has warned Nigerians about a new wave of investment scams exploiting artificial intelligence to lure unsuspecting citizens with fake endorsements and promises of guaranteed profits.
In a statement on Sunday, the regulator said unlicensed platforms such as CBEX, Silverkuun, and TOFRO are operating without SEC registration while promoting AI-powered trading systems that advertise unrealistic returns.
According to the Commission, fraudsters now use deepfake videos and AI-generated content featuring manipulated clips of celebrities, politicians, and TV presenters to fabricate endorsements. These materials are widely circulated on Facebook, Instagram, and Telegram, giving fraudulent schemes a false sense of legitimacy.
“Scammers are exploiting AI to fabricate endorsements and testimonials that appear genuine. This has made traditional fraud detection methods less effective, hence the need for tech-enabled regulation and greater public awareness,” the SEC stated.
The Commission added that it is deploying advanced surveillance systems to detect fraudulent activities in real time, while strengthening partnerships with the Central Bank of Nigeria (CBN) and the Nigerian Financial Intelligence Unit (NFIU) for joint enforcement.
“We are moving from reactive to predictive oversight. This is essential in combating fraud and systemic risks in our market,” it said.
The regulator also disclosed that it has engaged social media companies to clamp down on misleading advertisements and cautioned influencers against promoting unlicensed investment schemes.
“Any influencer or blogger found complicit in promoting illegal platforms will face regulatory sanctions or prosecution,” the Commission warned.
The warning comes months after more than 600,000 Nigerians reportedly lost N1.3 trillion in April 2025 when CBEX collapsed.
Investigations revealed that the promoters operated under ST Technologies International Limited, registered with the Corporate Affairs Commission (CAC) in September 2024 and later listed with the EFCC’s Special Control Unit Against Money Laundering in January 2025.
The Economic and Financial Crimes Commission (EFCC) is still investigating the case.
About the Author
Hussaini Ibrahim 
