The Central Bank of Nigeria (CBN) has drawn the attention of the general public to the worrisome increase in the activities of Illegal Financial Operators (IFOs) which it says portends a grave risk to public confidence and stability of the Nigerian Financial System.
The public statement advisory on illegal financial operators in Nigeria issued on Tuesday by the Financial Services Regulation Coordinating Committee (FSRCC) of the CBN was spurred by its continuing efforts to end the scourge of IFOs in Nigeria.
The FSRCC advised the general public 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 FSRCC stated.
It reaffirmed that financial regulatory agencies shall continue to carry out all necessary due diligence before registering/licensing any operator under their regulatory purview.
In addition, it noted that agencies shall refer to relevant supervisory authorities for confirmation before finalising on any registration/licensing application.
The Advisory, signed by the Secretary, FSRCC and posted on the CBN website states that: “Member agencies are encouraged to engage in regular sensitisation campaigns on the threats posed by the activities of Illegal Financial Operators,” and urged that further enquiries should be addressed to: “The Director, Financial Policy and Regulation, Central Bank of Nigeria, and/or The Executive Commissioner, Legal and Enforcement, Securities and
Exchange Commission.”
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