Shun Activities With Unlicensed Financial Operators – CBN Urges Nigerians

Shun Activities With Unlicensed Financial Operators - CBN Urges Nigerians

Through its Financial Services Regulation Coordinating Committee (FSRCC), the Central Bank of Nigeria (CBN) has encouraged Nigerians to avoid dealing with unlicensed or illegal financial operators in the country.

The CBN issued the recommendation via the FSRCC in a statement published on its website on Monday.

According to the research, uninformed members of the public are enticed and defrauded by unlawful financial operators that offer spectacular returns on investments as bait.

It also raised concern about the expanding operations of Illegal Financial Operators (IFOs), claiming that they constitute a severe threat to public trust and financial system stability in Nigeria.

The CBN statement reads in part, “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.

“Members of the public are advised to visit the websites of the Central Bank of Nigeria (CBN), 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.

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

”It assured that financial regulatory agencies shall continue to carry out all necessary due diligence before registering or licensing any operator under their regulatory purview.

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