By Ifeoluwa Odunayo
The House of Representatives on Thursday warned public figures, celebrities, and influencers against endorsing unregistered investment schemes, following the collapse of a cryptocurrency platform, CBEX, that reportedly trapped over ₦1.3 trillion in investors’ funds.
In a statement issued by the House Spokesman, Rep. Akin Rotimi Jr., the lawmakers cited the newly enacted Investments and Securities Act (ISA) 2025, signed by President Bola Tinubu, which now criminalises ponzi schemes and imposes stricter penalties, including up to ten years imprisonment.
CBEX, which was not registered with the Securities and Exchange Commission (SEC), is under investigation, with the EFCC working alongside Interpol to track the perpetrators and recover funds.
The House urged Nigerians to verify investment offers with regulators, stressed the importance of financial literacy, and called on media, schools, and civil groups to support efforts to combat fraudulent schemes.
Public figures were reminded of their legal liability under the new law for promoting deceptive financial platforms.
