“Call Us”: CBN Releases Phone Numbers, Websites to Check, Report Yahoo Boys, Ponzi Scheme Operators
- The Central Bank of Nigeria has released phone numbers and websites for Nigerians to report and check illegal financial operators
- The illegal financial operators include Ponzi operators like MMM and loan companies
- CBN's decision is part of its ongoing efforts to sanitise Nigeria's financial system and ensure citizens' money is safe
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As part of its efforts to clamp down on illegal financial operators nationwide, the Financial Services Regulation and Coordinating Committee (FSRCC) has teamed up with the National Broadcasting Commission.
The team will be conducting a sensitisation campaign against Illegal Financial Operators (IFOs) in the country.
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The FSRCC was established by Section 38 of the CBN Act and formally inaugurated by the Governor of the CBN in May 1999.
CBN message to Nigerians
According to a joint statement released on the CBN website, titled "Advisory on Illegal Financial Operators, the apex bank explained that the move aims to ensure the credibility of the Nigerian financial system and the safety of Nigerians, Punch reports.
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The statement reads:
“The Financial Services Regulation and Coordinating Committee (FSRCC), in collaboration with the National Broadcasting Commission (NBC), aims to bring the public's attention to the concerning rise in the activities of Illegal Financial Operators (IFOs).
"These activities pose a significant threat to public confidence and the stability of the Nigerian Financial System.
"Avoid engaging with unlicensed or illegal financial operators. These operators entice and deceive unsuspecting members of the public by promising unusually high investment returns as a trap."
FSRCC wants Nigerians to verify before any investment
The FSRCC also asked Nigerians to ensure due diligence before investing in any company or scheme.
Statement continued:
"Prior to investing, make sure to confirm the licensing status of these companies and schemes by checking the following websites: CBN: https://www.cbn.gov.ng, NAICOM: https://naicom.gov.ng, PenCom: https://www.pencom.gov.ng, SEC: https://sec.gov.ng"
“Public is advised to report any individual or entities suspected to be involved in such nefarious activities to Law enforcement agencies to call us on Tolled line: 0700-225-5226 or Toll-Free Line: 0800-225-5226. FSRCC Direct Line: +234-817-665-6273.
“Member agencies will continue to engage in regular sensitisation campaigns on the threats posed by the activities of Illegal Financial Operators."
“No more tricks": CBN announces dollar to naira price verification portal
Meanwhile, in another report, it was revealed that the Central Bank of Nigeria had introduced a new portal that will put an end to malpractices in the foreign exchange market.
The portal is set to go live by the end of August 2023, and it is expected to be a game-changer if done correctly.
Source: Legit.ng
