By Tunde Oso

Against the backdrop of the recent CBEX crash, in which Nigerians lost an estimated N1.3 trillion, the Advertising Regulatory Council of Nigeria (ARCON) has warned advertisers, agencies, media owners, influencers and content creators about the rising trend of deceptive advertising, particularly on digital platforms.

This follows a landmark Federal High Court ruling affirming ARCON’s statutory authority to regulate advertising across all media, including social media platforms.

A statement by the Council Director General, Dr Olalekan Fadolapo, ARCON, on Monday, welcomed the judgment in Suit No. FHC/L/CS/1262/2024 delivered in Lagos, describing it as “A critical endorsement of its mandate to protect Nigerian consumers from unethical marketing practices.”

ARCON cited the recent CBEX Ponzi scheme, which was heavily promoted via unverified digital advertisements, as a tragic example of the harm deceptive marketing can inflict. Thousands of Nigerians reportedly lost money to the fraudulent scheme, which was advertised with false promises of guaranteed returns.

“No platform is above regulation,” Fadolapo emphasized, stressing, “All advertising, whether on television, radio, billboards, newspapers, or platforms like Instagram, Facebook, TikTok, and X (formerly Twitter), must be vetted and approved prior to publication. The Council affirmed that any individual or entity involved in unauthorized advertising will face investigation and possible sanctions from the Advertising Offences Tribunal.

To bolster compliance, ARCON announced the formation of a dedicated compliance task force to monitor ads across platforms and swiftly flag violations. The Council also urged the public to report suspicious or misleading advertisements, reinforcing that consumer protection remains paramount.

“This is the end of the era of lawless advertising,” ARCON declared.

“We will no longer condone a culture where the public is deliberately misled for personal or commercial gain. ARCON is watching and the law will be enforced,” the DG concluded.

Vanguard News