Major Nigerian regulatory and anti-corruption institutions including 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 cautioned prominent public figures and digital influencers to desist from advertising dubious goods and bogus financial platforms.
This firm directive was issued on Friday during a collaborative stakeholder gathering convened in Abuja, where authorities highlighted the alarming surge of celebrities promoting high-risk Ponzi schemes, unverified investment portals, and substandard consumer items. According to the regulatory bodies, unsuspecting citizens have cumulatively lost billions of naira after committing funds based on the recommendations of admired social media personalities.
What did the regulatory heads say?
Addressing attendees at the forum, the Executive Vice Chairman of the FCCPC, Tunji Bello, asserted that prominent individuals can no longer plead ignorance when the merchandise or schemes they endorse result in financial losses for citizens.
"If you promote a fraudulent product, you are liable. Your face, your voice, your influence was used to deceive people. You will be held accountable," Bello stated.
Similarly, the Chairman of the EFCC, Ola Olukoyede—who spoke through a representative—emphasized that content creators, skit makers, musicians, and actors found advertising digital asset scams and predatory loan applications would face prosecution as co- conspirators.
"We have seen cases where skit makers, musicians and actors promoted crypto scams and fake loan apps. Nigerians lost money because they trusted their favourite celebrity. That trust must not be abused," the EFCC chief noted.
Why is the crackdown happening now?
Representatives from the ICPC further observed that celebrity-backed endorsement of deceitful ventures severely damages consumer trust and accelerates economic corruption within the country.
As part of preventive measures, the coalition of agencies instructed celebrities to conduct thorough due diligence by authenticating products with relevant national authorities such as the National Agency for Food and Drug Administration and Control (NAFDAC) and the Securities and Exchange Commission (SEC) before entering into commercial endorsement contracts.
Citizens were likewise encouraged to remain vigilant, report questionable advertisements that appear overly lucrative, and verify endorsements before making financial commitments. This development trails widespread public outcry on social media where various influencers were recently criticized for marketing collapsed investment ventures and hazardous skin lightening cosmetics that left numerous victims dealing with financial distress and adverse health conditions.