The National Broadcasting Commission (NBC) has banned Ponzi scheme jingles and other related money-making investment advertisement on radio stations in Ibadan.
This development is as a result of citizens’ allegations on radio stations promoting the scheme, and the recent arrest of one of the classic Ponzi scheme investment owner.
The citizens said they were persuaded to invest after listening to jingles and weekly radio programme aired by some radio stations but was defrauded.
In a letter from NBC to the chief executive officer of all radio stations in Ibadan sighted by ADM, it described the recent occurrence as worrisome and concerning.
The National Broadcasting Commission is a parastatal of the Federal Government of Nigeria established by Section 1 of the National Broadcasting Commission Act, Cap. NII, laws of the Federation, 2004 and vested with the responsibilities of, amongst other things, regulating and controlling the broadcasting Industry in Nigeria.