Celebrities, Influencers To Answer For Fraudulent Endorsements Henceforth – FCCPC, ICPC, EFCC

Celebrities and social media influencers who promote fraudulent products and services will from henceforth be made to answer for it, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Economic and Financial Crimes Commission (EFCC) and the Federal Competition and Consumer Protection Commission (FCCPC) have said.

The agencies gave this warning recently, citing how billions of naira had been lost by Nigerians who put money into products promoted by popular public figures. The warning was issued recently at a joint stakeholder meeting in Abuja.

Speaking at the meeting, Executive Vice Chairman of the FCCPC, Tunji Bello, stressed that celebrities cannot hide behind ignorance if a product they promoted turns out to cheat members of the public. “If you promote a fraudulent product, you are liable,” he said, adding that endorsers “will be held accountable.”

The EFCC Chairman, Ola Olukoyede, who was represented at the meeting, said influencers found promoting fraud would be treated as accomplices.

Officials at the meeting pointed to cases in which skit makers, musicians and actors promoted crypto scams and fake loan apps, leaving followers who looked up to them in dire financial constraints.

The ICPC added that celebrity endorsements of fake products erode consumer confidence and fuel corruption.

According to reports, the meeting dwelt on celebrities and online personalities being used to push Ponzi-style schemes, sham investment platforms and goods that were never registered with regulators.

Celebrities were advised to check products and businesses with regulators including the National Agency for Food and Drug Administration and Control (NAFDAC), the Securities and Exchange Commission (SEC) and the FCCPC, before agreeing to endorsement deals.

Members of the public were also urged to report suspicious products and celebrity adverts that appear too good to be true.