After CBEX, SEC Alerts Nigerians to Another Ponzi Scheme, Saphire Scents, Warns Investors

• The primary regulator of capital market activities in Nigeria, the SEC, has issued a fresh warning to Nigerians
• The Commission disclosed that a new potential Ponzi scheme has entered Nigeria, posing as an investment fund manager
• SEC described the platform as illegal and warned Nigerians to always verify the status of companies and their promoters

Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.

The Securities and Exchange Commission (SEC) has alerted Nigerians about a company parading itself as an Investment Adviser and Fund Manager.

The SEC warned Nigerians to beware of Sapphire Scents Limited and the unregistered investment scheme promoted on the platform.

According to the notice, Sapphire Scents Limited is not registered in any capacity to collect funds from Nigerians in the name of investments.

The public notice dated June 16, 2025, added that Nigerians doing business with the company do so at their risk.

The notice read:

“The Commission hereby informs the public that Sapphire Scents Limited is NOT REGISTERED to operate in any capacity in the Nigerian Capital Market.

“Accordingly, the public is advised to refrain from engaging with Sapphire Scents Limited or its representatives in respect of any business in the Nigerian Capital Market, as any person who does so is at his/her own risk.”

CBEX collapses with over N1 trillion investors' funds

This warning from the operator comes barely two months after CBEX, a similar investment platform posing as a forex trading platform, crashed with investors' funds.

CBEX has reportedly resumed operations afterwards, onboarding new users with mouthwatering promises of high returns and many bonuses.

Interestingly, old investors have still not been able to access their funds despite the repeated promises and assurances.

SEC releases link for Nigerians to verify companies

The SEC notice also urged the investing public to verify the status of any company or entity promoting an investment scheme before they commit funds.

The Commission provided a link for the public to use to confirm the status of any company before investing with it.

A user only needs to type in the name of the company, and search to get details of its registration and licence status.

SEC flags PWAN and PWAN Max

In a move to protect Nigerians, the commission also flagged Property World Africa Network (PWAN) and Silverkuun Investment Cooperative Society in May 2025.

The SEC described PWAN MAX’s investment drive and solicitation as illegal and potentially fraudulent.

According to the notice, PWAn and PWAN Max were not registered or licenced to solicit funds from Nigerians or operate in the capital market.

It described the company’s activities as illegal and warned Nigerians to desist from investing with the platform.

SEC warns Nigerians against Meme coin

In related news, the Securities and Exchange Commission (SEC) has warned Nigerians against a new meme coin, PUNISHER COIN.

Legit.ng reported that the commission flagged the coin as illegal and not approved for public issuance, asking people to desist from the ongoing presale.

The SEC also urged the public to always verify the authenticity of crypto/virtual or digital assets and the registration status of their promoters.

Source: Legit.ng