CBN to Nigerians: Avoid Dealing with Illegal and Unlicensed Financial Operators

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CEM REPORT | The Financial Services Regulation Coordinating Committee (FSRCC) of the Central Bank of Nigeria (CBN) has adviced Nigerians to avoid dealing with illegal and unlicensed financial operators who lure and defraud members of the public.

In a statement issued on Monday, FSRCC said the increase in the activities of Illegal Financial Operators (IFOs) is becoming worrisome and portends a grave risk to public confidence and the stability of the Nigerian Financial System.

“The FSRCC wishes to draw the attention of the general public to the worrisome increase in the activities of the Illegal Financial Operators (IFOs) which portends grave risk to public confidence and the stability of the Nigerian Financial System.

“The FSRCC in its continuing efforts to end the scourge of IFOs in Nigeria hereby issues the following advisory:

“The general public is advised to refrain from dealing with unlicensed or illegal financial operators, who lure and defraud unsuspecting members of the public by offering extra-ordinary returns on investments as bait,” FSRCC said in the statement which was signed by the Secretary.

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CBN, therefore advised members of the public to visit its official website and that of the Securities and Exchange Commission (SEC) and other relevant member agencies of the FSRCC to verify the registration and license status of such companies and schemes before investing in them.

FSRCC also advised Nigerians to report any individual or entities suspected to be involved in such nefarious activities to the law enforcement agencies, encouraging member agencies to engage in regular sensitization campaigns on the threats posed by the activities of Illegal Financial Operators

“You are also advised to report any individual or entities suspected to be involved in such nefarious activities to the law enforcement agencies.

“Financial Regulatory agencies shall continue to carry out all necessary due diligence before registering/licensing any operator under their regulatory purview. In addition, Agencies shall refer to relevant supervisory authorities for confirmation before finalizing on any registration/licensing application.

“Member agencies are encouraged to engage in regular sensitization campaigns on the threats posed by the activities of Illegal Financial Operators”. FSRCC said.

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