The Central Bank of Nigeria (CBN) and the Financial Services Regulation and Coordinating Committee (FSRCC) has issued a guideline to help Nigerians avoid illegal financial operators in the country.
According to the regulator, the illegal financial operators are luring unsuspecting Nigerians with extraordinary returns on investments to defraud the investors.
The financial committee noted the increase in the activities of illegal financial operators, which they described as worrisome to the members.
This was issued in a statement by the Central bank of Nigeria on Friday on their X page.
The statement reads :
ADVISORY ON ILLEGAL FINANCIAL OPERATORS
The Financial Services Regulation and Coordinating Committee (FSRCC), in collaboration with National Broadcasting Commission (NBC), wishes to draw the attention of the public to the worrisome increase in the activities of Illegal Financial Operators (IFOS) which portends grave risk to the public confidence and stability of the Nigerian Financial System.
The FSRCC and NBC in their continuing efforts to end the scourge of IFOs in Nigeria, hereby issue the following advisory to the general public:
1. 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.
2. Verify the licensing status of such companies and schemes on thefollowing websites before investing in them:
a. CBN: https://www.cbn.gov.ng
b. NAICOM: https://naicom.gov.ng
c. PenCom: https://www.pencom.go v.ng
d. SEC: https://sec.gov.ng
Consequently, the Public is advised to report any individual or entities suspected to be involved in such nefarious activities to Law enforcement agencies.
And Call: folled line: 0700-225-5226; Toll-Free Line: 0800-225-5226.
FSRCC Direct Line: +234-817-665-6273
Member agencies will continue to engage in regular sensitization campaigns on the threats posed by the activities of Illegal Financial Operators.
Further enquiries may be addressed to:
1. The Director, Financial Policy and Regulation Department / Secretary. FSRCC, Central Bank of Nigeria, and/or
II. The Executive Commissioner, Legal, and Enforcement, Securities and Exchange Commission.
