This paper delved into the multifaceted issue of regulating misleading advertising in Nigeria and examined the current landscape, challenges faced, and potential solutions. By exploring the regulatory frameworks, enforcement mechanisms, and industry practices, this paper sought to shed light on the complexities inherent in addressing deceptive advertising practices and safeguarding consumer rights. In carrying out this research, a desk-based method of research was employed and it made use of primary sources of legal research which are Advertising Practitioners Council of Nigeria Act, Standards Organization of Nigeria Act, and Federal Competition and Consumer Protection Act, and secondary sources of legal research materials which includes textbooks, academic articles in peer-reviewed journals, newspaper publications, and online sources. It this research, it was discovered that advertising that there are statutory regulations and self-regulations implemented by public and private bodies respectively in the regulation of advertisement in Nigeria but compliance rate remains low. The paper concluded that although that there are several regulations guiding advertisement, the problem lies in compliance with the regulations and proper enforcement of the existing regulations, also, the existing laws are not in total conformity with present reality.