The Advertising Regulatory Council of Nigeria (ARCON) has expressed serious concern at the rate of misleading information, false claims, unverified assertions and unproven guarantees made by forex traders, investment advisors and realtors.

In a statement signed by the Director General, Dr. Olalekan Fadolapo, the bogus offers is not only worrisome but has also led to loss of savings, investments and has caused medical challenges in some cases.

He added that the attention of the Council has been drawn to the continued violation of the Nigerian code of Advertising and the ARCON Act by some stakeholders and preliminary investigation shows that some of those organisations do not have a verifiable business address or their services approved by the relevant government agencies.

He advised members of the public to be cautious and meticulous in making investment decisions with unverified organisations advertising their services with substantiated claims and unverified promises.

He assured that ARCON would continue to make sure advertisement platforms; all advertising, advertisements, and marketing communications directed at the Nigerian market are legal, honest, truthful, decent and socially responsible.

To Fadolapo, “ARCON will take necessary actions to ensure that 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.”