In the wake of the recent CBEX investment fraud, which bilked approximately 1.3 trillion Nigerian naira from countless citizens, ARCON—the Advertising Regulatory Council of Nigeria—has firmly cautioned advertising agencies, advertisers, media proprietors, content producers, influencers, entrepreneurs, and individual persons against spreading deceptive information.
The council announced that a dedicated compliance task force has been set up to oversee advertisements on various platforms and to detect and mark any content that does not comply with regulations.
Dr. Olalekan Fadolapo, the Director-General of ARCON, stated yesterday that the council remains dedicated to safeguarding Nigerian citizens against misleading, damaging, and immoral advertising tactics.
Fadolapo voiced worry about the increasing prevalence of deceptive ads, especially those found on online platforms.
He stressed that this type of content misleads people, takes advantage of their trust, and subjects them to potential financial as well as emotional damage.
‘One recent and painful example is the CBEX Ponzi scheme, which was aggressively promoted through misleading and unverified advertising claims,’ he noted, adding, ‘This scheme lured thousands of Nigerians with false promises of guaranteed returns, only for many to lose their hard-earned money to fraudulent operators.
‘These incidents highlight the significance of reviewing promotional content for accuracy, openness, and adherence to ethical guidelines prior to distribution.’
He believes that the CBEX incident highlights the critical necessity for more rigorous regulations and moral behavior in the advertising sector.
He further stated that the days of unregulated and misleading advertisements are gone.
Let this be absolutely clear,” he stated, “ARCON will monitor all platforms, and we will no longer tolerate a culture where advertisers or agencies intentionally deceive the public for personal or commercial gain.
ARCON emphasized that everyone participating in advertising, along with related organizations, needs to adhere to their rules and guidelines. They further stated that irrespective of the medium utilized, every advertisement aimed at the Nigerian audience comes under ARCON’s authority.
Social media is not a lawless domain. According to the statement, influencers and content creators who promote goods or services must secure pre-approval for their ads before they go public.
Provided by Syndigate Media Inc. (
Syndigate.info
).
Leave a Reply