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CBN advises Nigerians to shun unlicensed ficial operators

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 The Central Bank of Nigeria CBN through its Fiscal Services Regulation Coordination Committee FSRCC has advised Nigerians to stop dealing with unlicensed or illegal official operators in the country The CBN through the FSRCC gave the advice in a statement posted on its website on Monday He said illegal government operators lure and defraud unsuspecting hellip
CBN advises Nigerians to shun unlicensed ficial operators

NNN: The Central Bank of Nigeria (CBN) through its Fiscal Services Regulation Coordination Committee (FSRCC) has advised Nigerians to stop dealing with unlicensed or illegal official operators in the country.

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The CBN, through the FSRCC, gave the advice in a statement posted on its website on Monday.

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He said illegal government operators lure and defraud unsuspecting members of ordinary public returns on investments as bait.

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He also described the growing activities of Illegal Official Operators (IFOs) as worrying, saying it portends a serious risk to public confidence and the stability of Nigeria’s official system.

The statement reads in part: “The FSRCC in its continuing efforts to end the scourge of IFOs in Nigeria, here follows the advisory:

“The general public is advised to refrain from dealing with illegal or unlicensed official operators, who lure and defraud unsuspecting members of the public 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 check the registration and license status of such companies. and schemes before investing. in them.

“You are also encouraged to report to law enforcement agencies any person or entity suspected of being involved in such nefarious activities.”

He assured that the official regulatory agencies will continue to carry out all the necessary due diligence before registering or granting licenses to any operator under their regulatory scope.

“Furthermore, the agencies will refer to the relevant supervisory authorities for confirmation before finalizing any registration/license application,” the statement said.

It encouraged member agencies to engage in regular campaigns to raise awareness of the threats posed by illegal official operators.

He also urged the general public to direct their queries to the Director of Fcial Policy and Regulation, Central Bank of Nigeria, and/or the Executive, Legal and Enforcement Commissioner, Securities and Exchange Commission.

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