In the wake of the recent arrest of the founder of DHIL Nigeria Limited popularly known as Crime Alert Security Network Investment for allegedly defrauding people of over N128million in a fraudulent investment scheme, the National Broadcasting Corporation has placed an immediate ban on money-making adverts on radio stations in Ibadan.
One reason for doing this is that many residents and victims of the Ponzi scheme alleged that they believed the crime alert investment scheme because of the wide publicity and coverage provided to it by radio stations in the city.
In a letter from NBC to the chief executive officer of all radio stations in Ibadan spotted by OyoAffairs, the corporation described the recent occurrence as worrisome and concerning especially as it noted that “reports making the rounds have it that radio stations in Ibadan were used in the Ponzi scheme to dupe people the sum of N128m.”
Citing Sections 7.1.1 to 7.1.5 of the Nigeria Broadcasting Code, the Corporation said that it could not allow such advertisements and infomercials promoting investment schemes and seminars on wealth creation to continue in order to forestall the possibility of the people being swindled of their hard-earned money.
