ARCON Alerts Nigerians to Fake Naira Refinery Investment Fund

The Advertising Regulatory Council of Nigeria (ARCON) has alerted the public to a fraudulent investment advertisement circulating on Facebook that promotes a non-existent "Naira Refinery Investment Fund." This advertisement employs artificial intelligence to impersonate notable figures such as President Bola Ahmed Tinubu, Minister of Finance Taiwo Oyedele, and Dangote Group Chairman Aliko Dangote, falsely promising unrealistic returns on investment. ARCON Director-General Dr Olalekan Fadolapo confirmed that these individuals did not authorize the use of their images.

The advertisement is distinct from the legitimate Dangote Refinery Initial Public Offering (IPO), which has garnered significant interest from retail investors. The Securities and Exchange Commission (SEC) has also warned against unauthorized promotional activities related to the IPO.

ARCON stated that the fraudulent advertisement was not approved by the Advertising Standards Panel, violating the Advertising Regulatory Council of Nigeria Act No. 23 of 2022. The council plans to take legal action against those involved and has established a task force to monitor digital advertisements.