By Abdullateef Sebiotimo
Claim:
A Facebook advertisement published by a page named “High-end wealth creators” claims to offer access to a WhatsApp group associated with Nigerian businessman and banker Fola Adeola, where members would receive daily information on the economy and tips to improve their finances.
The advert uses Fola Adeola’s photograph and name and invites users to join the purported WhatsApp group, stating that “spots are limited.”
Verdict:
False. There is no credible evidence that Fola Adeola is behind the advertised WhatsApp group or that he launched the financial-information programme. The advertisement appears to be using his identity and public profile to promote an unauthorised financial platform.
Full Text:
The advertisement reads:
“Fola Adeola. Join my WhatsApp group and receive daily info on economy and tips to improve your finances. Spots are limited to be part of the group!JOIN MY WHATSAPP GROUP NOW!”
The advert was published under the name “High-end wealth creators” and promotes itself as providing educational content on the economy, markets and finance.
Fola Adeola is a prominent Nigerian businessman, banker and philanthropist. He co-founded Guaranty Trust Bank (GTBank) and served as its pioneer Managing Director/CEO from 1990 to 2002. He is also the founder and chairman of FATE Foundation, an organisation focused on entrepreneurship development. His longstanding reputation in Nigeria’s financial and business sector gives his name considerable credibility among members of the public.
Because of this reputation, the use of his identity to promote financial information or investment-related opportunities has the potential to mislead members of the public into believing that the advertised programme is endorsed or operated by him. This possibility of identity impersonation and the potential financial consequences for people who may act on purported financial advice necessitated this fact-check by FactCheckAfrica.
Verification:
A reverse examination of the advertisement and its source revealed several red flags. First, the image is presented as a location-specific Facebook advertisement, rather than a post originating from a verified or recognisable official account associated with Fola Adeola. The advertisement directs users towards a WhatsApp group while using Adeola’s name and photograph as its primary credibility cue.
Further examination of the “High-end wealth creators” Facebook page showed that, despite having approximately 16,000 followers, the page had no visible posts. The absence of substantive historical activity on a page with such a sizeable follower count raises further questions about its authenticity and purpose.
Further checks on the Facebook page revealed significant inconsistencies that cast doubt on its connection to Fola Adeola. According to the page’s Page Transparency information, the page was originally created on 26 September 2021 under the name “Doãn Châu” and was only renamed “High-end wealth creators” on 2 August 2026. The page is also listed as being managed by individuals whose primary locations are outside Nigeria. Two of its administrators have their locations in Vietnam, one in Denmark, Singapore, Ukraine and the United States of America respectively. These details are inconsistent with the page presenting itself as a platform associated with a prominent Nigerian financial expert and further raise questions about the authenticity of the account.
The page transparency record also shows that it is not currently running ads, despite the screenshot showing a sponsored advertisement from the page. This could reflect a change in the page’s advertising status after the screenshot was taken, so it does not by itself establish wrongdoing. Meta’s Ad Library records information about ads run by Facebook Pages, including the page name, advertising dates and platforms on which the ads appeared.
Checks of publicly available information associated with Fola Adeola also found no credible evidence that he had announced or promoted such a WhatsApp programme. Fola Adeola is publicly associated with FATE Foundation, whose official profile identifies him as its founder and chairman.
Searches for the purported programme across publicly available social-media references associated with Adeola did not establish that he had launched or endorsed the WhatsApp group. A recent biographical profile of Adeola also describes him as not active on social media, further making it important to independently verify any account claiming to represent him.
Additionally, searches of reputable media reports did not identify credible reporting announcing the alleged programme. This is significant because a new public financial-education initiative supposedly launched by a figure of Adeola’s prominence would leave some verifiable trail through an official organisation, established media outlet, or authenticated public communication.
Conclusion:
The claim that Fola Adeola is inviting members of the public to join a WhatsApp group for daily economic information and financial tips is false. Members of the public should therefore not assume that the advertised WhatsApp group is operated, endorsed or authorised by Fola Adeola.
