According to Section 17 of the Advertising Regulatory Council of Nigeria (ARCON), Publishing or broadcasting false, misleading, or deceptive advertisements is a criminal offense, and Penalties include fines up to ₦5 million, imprisonment up to 3 years, or both. ARCON can also remove such ads and impose administrative fines (up to ₦10 million for organizations) before criminal proceedings begin.
According to this law anyone who is advertising a fake crypto coin has committed an offense and the punishment is above.
This law is not only for crypto coin but to others areas, any advertisement that is fake and to scam people is an offense here in Nigeria and there are punishment attached to it.
This laws are working in Nigeria till date some set of people have been convicted before and some are still awaiting trial in court for this fake and misleading advert.
This is a reminder to all that such law like this exist here in our great nation Nigeria.