CBN Warns Nigerians Against Unlicensed Financial Operators

Central Bank of Nigeria (CBN) has warned Nigerians against patronizing unlicensed financial operators offering attractive return on investment.

The CBN stated this on Monday through it’s Financial Services Regulation Coordinating Committee (FSRCC).

The body maintained that recent activities of these financial institutions who are often found online with no physical offices has dealt a great blow to the public confidence and the Nigerian financial system.

According to the body: “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.”

The body also assured the public that they would continue to carry out due diligence before registering or licensing any financial body.

In addition, Agencies shall refer to relevant supervisory authorities for confirmation before finalising on any registration/licensing application.” the statement said.

This article was originally published on Nigeria News