The Central Bank of Nigeria (CBN) has raised concerns over the

increasing rate of Illegal Financial Operators’ (IFOs activities in the


This was revealed in a statement issued by the Apex Bank yeaterday.

According to the statement, CBN noted that the activities of IFOs posed

great threat to the country’s financial system.

The apex bank, through its Financial Services Regulation and

Coordinating Committee, in collaboration with the National

Broadcasting Commission (NBC), issued an advisory to guide citizens

and the public against falling victim to Ponzi scheme operators and loan

sharks in the country.

They also urged the public to refrain from dealing with unlicensed or

illegal financial operators, who lure and defraud unsuspecting members

of the public by offering extraordinary returns on investments as bait.

It also advise Nigerians to verify the licensing status of such companies

and schemes on the websites of the CBN, NAICOM, National Pension

Commission and Securities and Exchange Commission

The apex bank added that member agencies would continue to engage in

regular sensitisation campaigns on the threats posed by the activities of