ARCON Warns Nigerians Against Fake AI-Generated Naira Refinery Investment Ad On Facebook
The Advertising Regulatory Council of Nigeria (ARCON) has warned Nigerians against a fake investment advertisement circulating on Facebook, which uses AI-generated images of President Bola Ahmed Tinubu, Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and Dangote Group Chairman, Aliko Dangote.
The advertisement promotes a purported Naira Refinery Investment Fund and promises unrealistic returns to potential investors.
In a statement dated September 15, 2026, ARCON said preliminary investigations showed that the advert was computer-generated and created with the intention of misleading and defrauding unsuspecting Nigerians.
The regulator also clarified that the purported Naira Refinery Investment Fund is not the same as the Dangote Refinery Initial Public Offering (IPO), which is currently ongoing in the Nigerian capital market.
According to ARCON, Tinubu, Oyedele and Dangote did not participate in or authorise the use of their images to promote the investment fund.
The regulator said the advertisement was also not submitted to the Advertising Standards Panel (ASP) for vetting and approval before being exposed to the public.
ARCON noted that pre-exposure vetting is required under the Advertising Regulatory Council of Nigeria Act No. 23 of 2022 to ensure advertisements directed at the Nigerian market are truthful, legal, decent and socially responsible, while avoiding misinformation, disinformation and unsubstantiated claims.
The council said it would take necessary legal action against platform owners, advertisers and advertising agencies found to be involved in exposing unethical advertisements.
It has also mandated a special monitoring and enforcement task force to track advertisements across digital and other platforms, identify non-compliant adverts and flag those targeting the Nigerian market.
The regulator urged Nigerians to report advertisements they consider deceptive, illegal, unethical or those making unrealistic claims and promises.
The warning comes as the use of AI-generated images and other synthetic media makes it increasingly possible to create convincing advertisements featuring public figures without their knowledge or consent.
ARCON urged stakeholders and members of the advertising industry to uphold responsible advertising practices, stressing that false and misleading advertising and marketing communication would not be tolerated.
