The Advertising Regulatory Council of Nigeria (ARCON) has cautioned the public to be cautious and meticulous in making investment decisions with unverified organisations advertising their services with unsubstantiated and unverified promises.
The apex regulatory body said this in a press statement signed by its Director-General, Dr. Olalekan Fadolapo.
ARCON made this call after its attention was drawn to the continued violation of the Nigerian Code of Advertising and the ARCON Act by some stakeholders. A few of these violations are misinformation, disinformation, unsubstantiated claims and unverified promises made by Forex traders, investment solicitors and property realtors.
The statement reads, “The spate of misinformation, disinformation, unsubstantiated claims and unverified promises by forex traders, investment solicitors and property realtors with bogus offers is not only worrisome but has also led to the loss of savings, investments and has caused medical challenges in some cases.
“Preliminary investigation shows that some of those organisations do not have a verifiable business address nor their services approved by the relevant government agencies.”
ARCON said that it will continue to make sure that advertisement platform, all advertising, advertisements, and marketing communications directed at the Nigerian market are legal, honest, truthful, decent and socially responsible.
The regulatory body also stated that it will take necessary actions to ensure that the individuals and organisations involved in the unlawful exposure of these unapproved advertisements are sanctioned in line with the prevailing laws and the Nigerian Code of Advertising.