Guard your money jealously, Nigerian govt warns citizens

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.