ARCON Warns Investors against Transaction With Unverified Property Realtors

Raheem Akingbolu

The Advertising Regulatory Council of Nigeria (ARCON) has expressed concerns over continued violation of the Nigerian Code of Advertising and the ARCON Act, by some forex traders, investment solicitors and property realtors, vowing to sanction individuals and businesses involved in tune with the prevailing laws.

The apex regulatory body said this in a press statement signed by its Director-General, Dr. Olalekan Fadolapo. The Director General noted that those stakeholders had continued to spread misinformation, disinformation and unsubstantiated claims while also promising bogus offers, which are not always redeemed.

The ARCON boss expressed concerns that such acts had led to loss of savings, investments, and, in some cases, caused medical challenges.

He therefore advised the public on the need to be cautious and meticulous while making investment decisions with unverified organisations, advertising their services with unsubstantiated claims and unverified promises.

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

“ARCON will take necessary actions to ensure that the 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,” he added.