As a step to protect Nigerians from falling prey of fake and unregistered schemes, the federal government has given a new directive.

Social media influencers, content creators and others will now be required to secure an important approval before they can run their ads on Facebook, instagram, YouTube and others.

This approval will be secured from the Advertising Regulatory Council of Nigeria (ARCON).

ARCON issued a statement on Monday to this effect, raising concerns about the prevalence of false and misleading adverts on several social media platforms.

The statement, signed by the ARCON Director-General, ọlalekan fadolapo, said that the government will no longer watch with folded hands while ethics and professionalism are being compromised at the expense of Nigerians.

Fadolapo referenced the recent incident with CBEX, where about 600,000 Nigerians were lured into the scheme, describing it as a clear illustration of the devastating effects of deceptive Advertising.

CBEX collapses, trapping trillions of naira

Legit.ng earlier reported that a supposed investment platform, CBEX, collapsed trapping trillions of naira belonging to its Nigerian investors.

The platform, which claimed to double investors' money in 30 days, was purported to have spread by digital ads, referrals, and word of mouth.

Investors took their cries to social media, triggering reactions from the National Assembly and regulatory agencies like the SEC and the EFCC.

The ARCON statement said about the incident:

"Such tragedies show the importance of vetting advertising materials for honesty, transparency, and compliance with ethical standards before dissemination."

FG calls on Nigerians to report misleading ads

The ARCON Director-General called on all Nigerians, especially the Advertising industry stakeholders, to ensure that only approved ads are run on all platforms.

He said;

"Advertisements that misrepresent facts, omit critical information, or are designed to exploit vulnerable audiences will not be tolerated."

FG to clamp down on social media ads

Fadolapo stressed that ads on digital and social media platforms also fall under the agency's supervision.

The CABLE reports that a federal high court affirmed the powers and jurisdiction of the Arcon to include all media platforms, including digital and social media.

He added that a special compliance task force has been set up to enforce compliance and monitor ads across all platforms.

He urged content creators and social media influencers to abide by the rules and called on the public to report ads that appear suspicious and deceptive to the agency.

Recall that Meta already introduced a new feature to help detect and take down fake celebrity ads.

Meta to pay $220 million in fines for discriminatory data practices
In related news, regulatory oversight is getting tougher in Nigeria's digital space, as the federal government has intensified its efforts to protect Nigerians.

WhatsApp and Meta now have a $220 million fine hanging over them as a tribunal has upheld the FCCPC penalties.

The tribunal also issued an additional fine of $35,000 and eight other orders for the social media company to comply with.