Nigerian SEC to jail celebrities & influencers promoting crypto assets....

[sokani]

Following numerous reported scams orchestrated by cryptocurrency platforms which were highly promoted by public figures with large followers, SEC has revised its guidelines to slap stiff sanctions on celebrities supporting the fraudulent crypto sites.

The Securities Exchange Commission has reviewed its guidelines to prescribe three-year jail terms for Nigerian celebrities and social media influencers who promote cryptocurrency platforms and assets without labelling their posts as sponsored content.

SEC has also mandated celebrities and influencers to do their due diligence in verifying that their crypto client is SEC-licensed and approved before promoting their contents.

Source: https://gazettengr.com/nigerian-sec-to-jail-celebrities-influencers-promoting-crypto-assets-without-sponsored-labels-for-followers/

I don dey hope for something like this for sometime now, especially after the creation of SABICOIN, though I no no whether na Sabinus get am or not but I dey happy for this news. E show say awa SEC don dey chuck eye for crypto matter and dem dey concern about well being of Nigerians. Many of awa celebrities and influencers no really care about their followers, wetin dem dey after na their pockets, so this one na nice move by the Nigerian SEC.

[Charles-Tim]

I am not really happy with the news. It states that if they put sponsored, that no jail term at all.

I saw this recently:
https://punchng.com/which-token-will-explode-during-the-2025-bull-run-pepe-coin-pepe-shiba-inu-shib-or-rexas-finance-rxs/
https://punchng.com/as-we-wrap-up-the-year-here-are-the-top-4-best-altcoins-to-buy-for-2025/

They are both about the same coin. Can you see how indirect they are. For people that have experience about it, they will know that the content is not about any other coins there than just one which is the reason for the sponsor.

It is good to let people know that they should do their own research, that they will not take any loss responsibility at all. Also that crypto new projects are very risky. Many people do not know if a news content is sponsored or not. While some know it but do not know how risky the project can be.

[Richbased]

This topic is similar to the thread @Igebotz created,
Nigeria SEC proposes 10 Years Jail Terms For Crypto Ponzi Scheme Operators Though it emphasizes more about Ponzi scheme operators while yours is majorly focus on social media influencers that promotes scam crypto projects and i must commend the security and exchange commission for taking such a bold step because the rate at which social media influencers are promoting scam crypto projects has been on the increase and if such disciplinary measures like this is not put in place, it will get to a time when it will become a norm amongst celebrities to promote fake crypto assets. I would have named some celebrities that promoted fake crypto assets in the past but let me just allow it slide. Just hope that they would not be biased in their sanction against defaulters.

[sokani]

I am not really happy with the news. It states that if they put sponsored, that no jail term at all.

I saw this recently:
https://punchng.com/which-token-will-explode-during-the-2025-bull-run-pepe-coin-pepe-shiba-inu-shib-or-rexas-finance-rxs/
https://punchng.com/as-we-wrap-up-the-year-here-are-the-top-4-best-altcoins-to-buy-for-2025/

They are both about the same coin. Can you see how indirect they are. For people that have experience about it, they will know that the content is not about any other coins there than just one which is the reason for the sponsor.

It is good to let people know that they should do their own research, that they will not take any loss responsibility at all. Also that crypto new projects are very risky. Many people do not know if a news content is sponsored or not. While some know it but do not know how risky the project can be.

I got you because some of them know very well the crypto project will not see the light of day after launch but they'll still go ahead, collect money, add sponsor content and promote it. The good thing is SEC can still work to improve the new guidelines. For instance, if an influencer or celebrity is known for repeatedly shilling fake projects, he can be arrested and persecuted.

I didn't know punch newspapers also promote crypto assets, until now. I thought you can only find such on blogs and social media. From the date, they're today's articles, and I doubt Punchng is unaware of the latest development from SEC. Like you said, both articles are all about a fake token (RXS), and newbies can easily be deceived by this. I'm disappointed this is coming from a reputable media outlet.

This topic is similar to the thread @Igebotz created,
Nigeria SEC proposes 10 Years Jail Terms For Crypto Ponzi Scheme Operators Though it emphasizes more about Ponzi scheme operators while yours is majorly focus on social media influencers that promotes scam crypto projects and i must commend the security and exchange commission for taking such a bold step because the rate at which social media influencers are promoting scam crypto projects has been on the increase and if such disciplinary measures like this is not put in place, it will get to a time when it will become a norm amongst celebrities to promote fake crypto assets. I would have named some celebrities that promoted fake crypto assets in the past but let me just allow it slide. Just hope that they would not be biased in their sanction against defaulters.

Thanks for bringing it up. I've been away for sometime, so I'm not aware of the topic but I think they're a little bit different. The topic is about crypto ponzi scheme and I think the sabicoin I mentioned in my op fits into this category. Let's hope the bill will be passed into law so that defaulters can be made to face the full brunt of the law.  

[Amphenomenon]

It is good to let people know that they should do their own research, that they will not take any loss responsibility at all. Also that crypto new projects are very risky. Many people do not know if a news content is sponsored or not. While some know it but do not know how risky the project can be.

They should have added that the risks of investing on these tokens or projects should be spoken of by these celebrities or platforms as they inform the masses if it's either sponsored or not. I have seen some sites speaking about the risks and still making it known that they are sponsoring projects of that category. Although may be Nigeria SEC government should at least try to publicized the risks of all these to the masses just has they did when they made restriction as a banned of cryptocurrency activities with our banks, except it was the banks sponsoring that news themselves in order for their customers not to be victimizes by unawareness.

[Hewlet]

It is good to let people know that they should do their own research, that they will not take any loss responsibility at all. Also that crypto new projects are very risky. Many people do not know if a news content is sponsored or not. While some know it but do not know how risky the project can be.

most persons when de jump on these project no de reason which one be sponsored ad or not, as long as na their favorite celebrity de chair the crypto, them go jump into am still cry when the thing later choke them for neck. these regulations de necessary make e for at least help curtail how much of these project we de see more frequently because the thing wan de be like competition among celebrity when be say as one person don do am use am cash out, the next person go jump into am use him fame pump another project them dump am as soon as him don get him expected fund.

another issue go be how effective the implementation process go look like because if somebody like davido get involved in this kind matter, make e no be say them go use pattern device means to use free am. na newbies and some folks when no sabi anything about new project and yet wan still invest in them i de pity cause when these celebrities bring these project up, na the de fall victim. how many persons for this forum when don already know say 99% of those project no go stand the test of time go wan go de invest in am regardless of the hype at the early stage.

[Kelward]

It is good to let people know that they should do their own research, that they will not take any loss responsibility at all. Also that crypto new projects are very risky. Many people do not know if a news content is sponsored or not. While some know it but do not know how risky the project can be.

Wetin you talk na true, dat word "sponsored" no de enof to warn people about di dangers of investing in crypto projects wey dem no know anything about. As you emphasize, these celebrities wey de promote these scam tokens wey no get any utility suppose clarify say make people DYOR before dem buy and if di crypto project cast make anybody no hold dem responsible. But I know say di owners if di scam projects no go like dat kind of advertisement, na bad market for dem and di celebrities wey de market dem tokens. So our SEC suppose to do better than mandating our celebrities to only say na sponsored advertisment because most Nigerians no go take di word seriously.

[Mpamaegbu]

E show say awa SEC don dey chuck eye for crypto matter and dem dey concern about well being of Nigerians.

Their mind must dey am na as far as dem be Nigerians and dem dey see wetin dey sup. Na whether dem go do due diligence wen d time reach be d thing.

Many of awa celebrities and influencers no really care about their followers, wetin dem dey after na their pockets, so this one na nice move by the Nigerian SEC.

Dis wan go give me joy well well because those thieves pretending as celebrities dey follow spoil d image of dis industry wit dem ponzi behaviour. I go like see dem behind bars. Dem know sey 9ja na kontry of anything goes, na im make dem dey try dat rubbish and get away with it. In a sane society, na bars dem for dey now. The likes of David, Brainjotter and Sabinus.

[Wiwo]

This is one regulations that need to be taken as urgent by the sec considering the rate at which entertainers, popular musicians promote tokens and platforms that turn-out to be scam and nothing happen to them in term of legal punishment, a popular Afro musician in Nigeria once promoted his own coin and ended up dumping all of it on the market leading to investors loses but nothing was done to him because their is no such law on ground.

It's high time Nigera sec make more cryptocurrency laws instead of the blanket banned that their have on cryptocurrency in Nigeria, alot is ongoing and in time to come the government os going to get involved in crypto projects such as licensing before start up projects can operate.

Next line of action should be gambling platforms influencers and ambassadors who have failed to intervain and resolves players problems with the casinos most especially those issues that relates to withdrawals and winnings.

[Yucky]

This law go make sense wella: whether the influencer or social media marketer puts "sponsored content" or not, they should still be held accountable by the law if the coin is a Ponzi scheme. Some of these influencers don't care as long as you pay them their share, whether the coin is fake or not. They will lead innocent people to invest their hard-earned money in these coins, and go unpunished for it.

So, I advise the SEC to hold influencers accountable, whether it's a sponsored ad or not, as long as it concerns these Telegram coins, crypto coins, shit coins, and meme coins. Once the project shows signs of being a scam, they should hold all the influencers and promoters accountable for promoting these projects on their channels, which encouraged people to invest their money in these scams. Sponsored ads or not, the SEC should look into any social media influencer who promotes any coin.

[Odohu]

Glad our government have taken proactive step to protect citizens from these celebrities before they do more damages to the poor masses. Since Davido did what he did and was not punished, it becomes a matter of time before other celebrities start their our madness and it will continue hurting innocent citizens. If they can enforce this law, I'm sure they will be saving many gullible Nigerians from losing their money because some people are so obsessed with celebrities that they lose their sense of reasoning whenever those guys are involved.

[Ever-young]

This law go make sense wella: whether the influencer or social media marketer puts "sponsored content" or not, they should still be held accountable by the law if the coin is a Ponzi scheme. Some of these influencers don't care as long as you pay them their share, whether the coin is fake or not. They will lead innocent people to invest their hard-earned money in these coins, and go unpunished for it.

That's not how things are done; that's why we have a legal system and other means of checking and balancing things. There is always risk associated with all kinds of businesses. I'm not saying the celebrities are right for promoting scam projects; they themselves might not even be aware that they are fake. That's for the honest ones. 
 
Some projects can still approach you with good intentions, which you can be convinced are real until the very last day that they will carry out the scam scheme.
 
If the policies can be carried out effectively, it's just okay the way it's stated; celebrities and influencers should just make it clear that they are only paid to promote such coins and have nothing to do with the coin and advise their followers to do their own research. If it turns out to profit them, good and fine, but if it doesn't, everyone carries their own cross.

[CryptoHeadlineNews]

I don dey hope for something like this for sometime now, especially after the creation of SABICOIN, though I no no whether na Sabinus get am or not

Of course na Sabinus get the coin, including Jottacoin that was launched and own by BrainJotter (i.e A popular Nigerian comedian/skit maker). Which was claimed to have crashed due to technical issue and yet bringing bad name to Bitcoin and anything crypto, which is not good.

but I dey happy for this news. E show say awa SEC don dey chuck eye for crypto matter and dem dey concern about well being of Nigerians. Many of awa celebrities and influencers no really care about their followers, wetin dem dey after na their pockets, so this one na nice move by the Nigerian SEC.

Me too, I must confess I'm very happy this news is coming from the SEC directly, as if such drastic step was not taken, so will other comedians follow this same footsteps and scam a whole lot of people this Christmas and New Year, while spoiling the good name of Bitcoin and crypto entirely. And considering laws no dey straight forward for this country, I hope say this news no go be mere audio news. As me wey dey into Bitcoin investment go really love to safeguard the good name of Bitcoin at all cost.

[iBaba]

Glad our government have taken proactive step to protect citizens from these celebrities before they do more damages to the poor masses. Since Davido did what he did and was not punished, it becomes a matter of time before other celebrities start their our madness and it will continue hurting innocent citizens. If they can enforce this law, I'm sure they will be saving many gullible Nigerians from losing their money because some people are so obsessed with celebrities that they lose their sense of reasoning whenever those guys are involved.

The way these celebrities have been flooding the social media over crypto airdrops became more frequent than necessary. Naija people with abusing technological trends hen, na 5 and 6.  A why nothing they work well for this country so. Na so I been just they here this one coin that one coin. Na so fraud they enter every industry and I believe many people were already using such formats to take money from people which is very bad. If government really wants to bring solution to this issue it will go a long. Let there be regulations and penalty to those taking advantage of others ignorance and trust in the name of influencing or advertising products of scam. Including those promoting unnecessary betting platforms.

[Asiska02]

I don dey hope for something like this for sometime now, especially after the creation of SABICOIN, though I no no whether na Sabinus get am or not but I dey happy for this news. E show say awa SEC don dey chuck eye for crypto matter and dem dey concern about well being of Nigerians. Many of awa celebrities and influencers no really care about their followers, wetin dem dey after na their pockets, so this one na nice move by the Nigerian SEC.

Dis one wey them no go jail them if them put sponsored means say the thing no go too dey effective like that o. It means say any celebrity fit dey shill coin now for him followers but go indirectly put sponsor so that them no go talk say na him get am or anything related to am. Make e be say, both the person wey get the project and the person wey they sponsor am dey on red alert to receive sanction if them shill scam coins, with that even celebrities go dey careful not to come up with fake coins at their own interest to fill their pockets through their followers.

Glad our government have taken proactive step to protect citizens from these celebrities before they do more damages to the poor masses. Since Davido did what he did and was not punished, it becomes a matter of time before other celebrities start their our madness and it will continue hurting innocent citizens. If they can enforce this law, I'm sure they will be saving many gullible Nigerians from losing their money because some people are so obsessed with celebrities that they lose their sense of reasoning whenever those guys are involved.

As the thing take be now, make we just hope say no be for just some set of celebrities na him the action go dey more effective on. Dis wan wey you bring Davido matter up, I remember wetin sup when him shill one coin like that, you reason say even if him do am now, the law go catch am for the crime? Some of this laws no dey touch people wey get strong connect sha, but we go see how e go be if any of them are found guilty. E go better sef make them stay away from things like this now because as long as their name don enter, e go tarnish their image whether them punish them or dem go unpunished.