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Influencers now obliged to comply with not so glamorous rules on advertising and tax

  • The Securities and Exchange Commission warned influencers against promoting unregistered investment schemes, with potential legal consequences, as stated by Director-General Emomotimi Agama.
  • The recently enacted Investments and Securities Act 2025 penalizes influencers promoting fraudulent schemes, which may include imprisonment for violators, according to Mr. Agama.
  • The Competition and Consumer Protection Commission issued compliance notices to several influencers for not properly labeling paid promotions, indicating a shift in regulation.
  • Revenue confirmed it sent 450 letters to social media influencers about their tax obligations regarding income from advertisements and gifts, showcasing increased scrutiny.
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The Whistler Nigeria broke the news in on Sunday, April 20, 2025.
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