ARCON Cautions Public Over Unapproved Investment Solicitation Ad By Tiwa Commercial Hub
The Advertising Regulatory Council of Nigeria (ARCON) has raised concerns over and warned members of the general public over an advertisement by a real estate company, Tiwa Commercial Hub, being circulated on various online media platforms, soliciting investments and making extravagant promises of a 32% return.
According to the advertising regulatory body, the advertisement, which has gained attention for its enticing offers, has not undergone the necessary vetting and approval process by the Advertising Standard Panel (ASP) as mandated by the Advertising Regulatory Council of Nigeria Act No 23 of 2022.
In a statement obtained by Brand Communicator, ARCON wrote, “This is to inform the general public that the Tiwa Commercial Hub advert being exposed on online media platforms soliciting investment with a promise of 32% return was neither submitted for vetting nor approved by the Advertising Standard Panel (ASP] in line with the Advertising Regulatory Council of Nigeria Act No 23 of 2022.”
In the statement signed by Dr. Olalekan Fadolapo, FCA, rpa, the Director-General of ARCON, the body emphasized its commitment to combating trend: “ARCON will continue to collaborate with other law enforcement agencies to stem this tide and ensure sanity in the Nigerian Advertising Industry.
While enjoining members of the public to exercise caution and remain vigilant when encountering such solicitations, ARCON bemoaned the proliferation of unapproved investment solicitation adverts on online media platforms, noting that it is becoming an alarming trend, potentially putting the savings of unsuspecting individuals at risk.
“ARCON will continue to collaborate with other law enforcement agencies to stem this tide and ensure sanity in the Nigeria Advertising Industry.
“ARCON will further seek to prosecute any person or body corporate who sponsors, caused to be exposed, or exposes unapproved advertisements on any medium without the approval of the ASP in line with the Nigerian Code of Advertising,” the statement read.