Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Dangote group has distanced Nigerian billionaire Aliko Dangote from a fraudulent investment scheme circulating online that falsely claims he is endorsing a plan promising to turn $250 into $1,200.

In a statement issued on Tuesday, March 18, the conglomerate urged the public to ignore the adverts describing as scam.

The video which features an AI generated video of Dangote promoting a cryptocurrency investment for quick returns.

The statement reads:

" Scam alert! Our attention has been drawn to a fake video. We urge the public to disregard and ignore these fraudulent adverts to avoid falling victim to scammers."

The company stressed that it is not affiliated with any such investment programs and will not be liable for any losses incurred by victims of the scam.

The statement noted:

"The Dangote Group is not responsible for any losses or claims linked to these scammers.Please disregard these fake adverts."

Rise of AI generated video for fraud

In recent years, fake investment schemes using images and videos of high-profile individuals have become increasingly common in Nigeria, with scammers leveraging digital manipulation to deceive unsuspecting investors.

This is not the first time Dangote, Africa's richest man has been a used for such promotional video.

Also, BUA have been forced several times to deny fake adverts seeking investements.

Nigerian government have repeatedly warned Nigerians to be wary of online scams promising unrealistic returns.

Recently, A 53-year-old French woman named Anne said she was tricked into sending £697,000 (approximately N1.3bn) to someone pretending to be Hollywood actor, Brad Pitt.

Anne, an interior designer, claimed the scam started in February 2023 when she received a social media message from someone claiming to be Pitt's mother.

In a report by LADbible, the woman said she got a message from another account posing as the actor himself.

"In fact, we're talking about Brad Pitt, I'm falling from the clouds. At first, I tell myself it's fake, but I don't really understand what's happening to me. After that, we will contact each other every day and we become friends."

She described the fake Brad Pitt as charming and persuasive, saying:

"There are so few men who write you this kind of thing. I liked the man I was talking to. He knew how to talk to women, it was always very well done."

Dangote set to start 2 new projects in Ogun state

Legit.ng previously reported that Dangote Industries has unveiled plans for two projects in Ogun State, a seaport and also cement factory.

The move comes months after its 650,000 barrels refinery was completed and started operations.

Dangote said that his projects have made Nigeria self-sufficiency in cement, fertilizer, and petroleum products.

Source: Legit.ng - Nigeria news.

Author: Dave Ibemere