The Advertising Regulatory Council of Nigeria (ARCON), Abuja, Nigeria, on September 15, 2026, issued a strong public warning against a fake investment advertisement circulating on Facebook that uses AI-generated images of President Bola Ahmed Tinubu, Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele, and industrialist Aliko Dangote to promote a fraudulent “Naira Refinery Investment Fund.”

ARCON, the federal agency responsible for regulating advertising standards in Nigeria, said the misleading campaign is part of a growing wave of synthetic media scams designed to exploit public trust and lure unsuspecting Nigerians with unrealistic financial promises.

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In its official statement, ARCON confirmed that preliminary investigations revealed the advertisement was computer-generated and not authorised by any of the individuals whose images were used.

“The advert is misleading, deceptive and created with the intention of defrauding the public,” the regulator stated, warning Nigerians to disregard the promotion in its entirety.

The agency also clarified that the so-called Naira Refinery Investment Fund has no connection to any legitimate capital market activity, including the ongoing Dangote Refinery Initial Public Offering, which remains the only recognised investment-related development associated with the Dangote Group in the public space.

According to ARCON, neither President Tinubu, Taiwo Oyedele nor Aliko Dangote approved or participated in the advertisement, stressing that the misuse of their identities represents a serious violation of advertising ethics and regulatory standards.

The council further noted that the advert was not submitted to the Advertising Standards Panel for mandatory vetting, as required under the ARCON Act No. 23 of 2022, which ensures that all advertising content directed at Nigerian audiences is truthful, lawful and socially responsible.

ARCON warned that it will pursue legal action against individuals, agencies and digital platforms found to be complicit in the spread of unethical or deceptive advertising content, particularly those leveraging artificial intelligence tools to fabricate endorsements.

The regulator also disclosed that a specialised monitoring and enforcement task force has been activated to track and identify non-compliant adverts across social media platforms, with a focus on schemes targeting financial vulnerability.

In a further caution to the public, ARCON urged Nigerians to report suspicious advertisements promising unrealistic returns, noting that such schemes are often designed to exploit economic pressures.

The development highlights the rising challenge of AI-generated misinformation in digital advertising, where increasingly sophisticated tools can fabricate convincing endorsements featuring public figures without consent.

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ARCON reaffirmed its commitment to maintaining integrity in Nigeria’s advertising ecosystem, describing false and misleading marketing communications as “unacceptable and punishable under the law.”