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