Nigerians have been reminded by the Central Bank of Nigeria (CBN) to avoid engaging with illegal and unregistered financial operators who prey on the public and swindle them.
The Apex Bank stated in a statement on Monday that the rise in the activities of Illegal Financial Operators (IFOs) is alarming and poses a serious threat to public confidence and the financial stability of Nigeria.
“The FSRCC desires to bring the general public’s attention to the alarming surge in the operations of Illegal Financial Operators (IFOs), which poses a serious threat to public confidence and the financial system’s stability in Nigeria.”
“In order to combat the problem of IFOs in Nigeria, the FSRCC has issued the following advisory:
“The general public is advised to avoid dealing with unlicensed or illegal financial operators who lure and defraud unsuspecting members of the public by offering extraordinary returns on investments as bait,” according to a statement signed by the Secretary of the Financial Services Regulation Coordinating Committee.
Members of the public are urged to visit the CBN’s official website, as well as the websites of the Securities and Exchange Commission (SEC) and other relevant FSRCC member agencies, to check the registration and license status of such companies and schemes before investing in them.
They also asked Nigerians to report to law enforcement agencies any individual or entity suspected of being involved in such illicit activities.
