The Financial Services Regulation Coordinating Committee (FSRCC) has issued a note of warning to Nigerians when making investments.
According to FSRCC, Nigerians must always make efforts to verify before committing money as an investment to any financial institutions
The warning is coming amid the increased report of financial losses by Nigerians through various investments.
In a statement published on CBN website on Monday, FSRCC expressed worry over the increase in the activities of Illegal Financial Operators (IFOs).
The statement noted that these activities portend a grave risk to public confidence and the stability of the Nigerian Financial System.
Part of the statement reads: “The general public is advised 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.
The statement also called on Nigerians to report individuals or entities suspected to be involved in such nefarious activities to the law enforcement agencies.
“Financial Regulatory agencies shall continue to carry out all necessary due diligence before registering/licensing any operator under their regulatory purview.
“In addition, Agencies shall refer to relevant supervisory authorities for confirmation before finalizing any registration/licensing application.
The statement also urged agencies to engage in regular sensitization campaigns on the threats posed by the activities of Illegal Financial Operators.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
FEATURE: Ogun residents, waste collectors trade blames, as refuse litter environment
TIJANI ABDULKABEER, a journalist from the University of Ibadan, during a recent trip to Sango Otta, Ogun State took a look...
INVESTIGATION: How online fraudsters siphon victims’ funds through ‘SportyBet’ platform
As Nigeria transits into a cashless society, the evolution also creates opportunities for internet scammers to take advantage of unsuspecting...
SPECIAL REPORT: Enugu govt watches as waste takes over state, threatens public health, environment
In this report, Arinze Chijioke looks at how delays in evacuation of waste in Enugu State encourages indiscriminate waste disposal, its health implications, and how...
SPECIAL REPORT: Illegal miners degrade Ekiti community, engage in child labour
The activities of illegal miners in a community in Ekiti State have caused degradation of the environment, as miners engage...
SPECIAL REPORT: Inside the illegal trading of forest woods in Cross River community
“With a N20,000 bribe, an external buyer can influence the youth in host communities , Cross River State, to cut...