Nigerian billionaire Femi Otedola has issued a public warning after fraudsters began circulating online advertisements using his name and image to promote fake investment platforms and WhatsApp groups promising guaranteed financial returns.
One of the ads, which has been circulating as a sponsored post on Facebook, falsely links Otedola to Bamboo, a Nigerian investment platform, claiming that joining a WhatsApp group tied to the scheme would deliver significant stock market profits. The ad is not from Bamboo, and Otedola has no connection to it.
In a statement signed “F. Ote,” the businessman was direct.
“I wish to state categorically that I have no affiliation whatsoever with these platforms, groups, or individuals. I have not authorized the use of my name, image, or any representation suggesting my involvement in such schemes,” he said.
“Any claims implying that I provide stock tips, operate investment groups, or guarantee returns of any kind, whether in Nigerian equities or otherwise, are false, misleading, and fraudulent.”
Otedola said he is taking steps to report and address the unauthorised use of his identity, though he did not specify whether legal action is being pursued.
The scam follows a pattern that has become increasingly common across Africa, where fraudsters rely on AI-edited images and cloned ads to impersonate well-known public figures, often targeting social media users with sponsored posts that bypass basic scrutiny.
By attaching a trusted name to a scheme, the operators manufacture credibility quickly and funnel victims into private WhatsApp groups where the fraud is executed.
How to spot the fake Otedola investment scam
If you see any advertisement, social media post, or WhatsApp message claiming that Femi Otedola, or any other prominent Nigerian figure, is promoting an investment group, stock tips, or guaranteed returns, treat it as fraudulent.
Legitimate investors and public figures do not recruit members of the public into WhatsApp investment groups through sponsored social media ads.
The red flags to watch out for include promises of unusually high or guaranteed returns, urgency-driven language, use of celebrity faces in ads, and links directing you to private messaging groups rather than regulated platforms.
Similar read: Hackers reportedly hack Dangote and Otedola’s phones, demand ransom
Bamboo, whose branding was misused in the ad, is a legitimate investment platform and has no connection to the scheme.
Otedola urged members of the public to exercise caution and conduct proper due diligence before engaging with any investment opportunity, particularly those making extraordinary promises. If you encounter such advertisement, report it directly to the platform hosting it, whether Facebook, Instagram, or X, using the reporting tools available on each platform.
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