Nigerians have been reminded by the Central Bank of Nigeria (CBN) to avoid engaging with illegal and unregistered financial operators who entice and scam members of the public with large profits.
This was disclosed in a circular released on the CBN website titled “ADVISORY ON ILLEGAL FINANCIAL OPERATORS IN NIGERIA” signed by the Secretary, FINANCIAL SERVICES REGULATION COORDINATING COMMITTEE (FSRCC).
The apex bank told the public to check the websites of the CBN, the Securities and Exchange Commission (SEC), and other relevant member agencies of the FSRCC before investing in such companies and schemes.
The surge in the operations of Illegal Financial Operators (IFOs), according to the apex bank, is disturbing and poses a major danger to public confidence and Nigeria’s financial stability.
The document partly reads, “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.”
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