ICPC, EFCC, FCCPC Warn Celebrities, Influencers Against Promoting Fraudulent Products

The Independent Corrupt Practices and Other Related Offences Commission (ICPC), Economic and Financial Crimes Commission (EFCC) and Federal Competition and Consumer Protection Commission (FCCPC) have warned Nigerian celebrities and social media influencers against promoting fraudulent products, investment schemes and deceptive services, cautioning that offenders could face legal consequences.

The agencies issued the warning at a joint stakeholder meeting held in Abuja, expressing concern over the increasing use of celebrity endorsements to attract unsuspecting consumers to fraudulent businesses.

According to the agencies, Nigerians have lost billions of naira through questionable investment platforms, Ponzi schemes, cryptocurrency scams, fake loan applications and other products promoted by popular public figures.

FCCPC Executive Vice Chairman, Tunji Bello, warned that celebrities could no longer simply distance themselves from fraudulent products after using their popularity and public credibility to attract customers.

He stressed that individuals who use their faces, voices and influence to promote fraudulent offerings could be held accountable.

EFCC Chairman, Ola Olukoyede, represented at the meeting, also warned that influencers who knowingly participate in promoting fraudulent activities could be treated as accomplices.

He cited cases involving musicians, actors and skit makers who promoted cryptocurrency scams and fake loan applications, noting that consumers often relied on the credibility of their favourite personalities when making financial decisions.

The ICPC similarly warned that celebrity endorsements of fraudulent products undermine consumer confidence and create opportunities for corruption.

The agencies advised celebrities, influencers and other public figures to conduct proper checks before accepting endorsement agreements, including verifying products and businesses with relevant regulatory authorities such as the National Agency for Food and Drug Administration and Control (NAFDAC), the Securities and Exchange Commission (SEC) and the FCCPC.

The warning has significant implications for Nigeria’s advertising, entertainment and digital marketing industries, particularly as influencer marketing increasingly becomes an important channel for businesses seeking consumer engagement.

It also raises questions about the due diligence responsibilities of celebrities, talent managers, advertising agencies and companies engaging public figures to promote their products and services.

Separately, the SEC has previously warned celebrities, bloggers and social media influencers against promoting unregistered investment schemes, highlighting the regulatory risks associated with endorsements of unauthorised financial products.

Industry stakeholders are increasingly being encouraged to treat endorsement arrangements as potential regulatory and reputational risks requiring proper verification, contractual safeguards and ongoing monitoring.

The agencies also urged Nigerians to report suspicious products, investment opportunities and advertisements, particularly promotions promising unusually high financial returns.

The warning reinforces the need for greater accountability and transparency in Nigeria’s digital advertising and consumer marketplace.