By: Editor
Unsuspecting Nigerians has fallen pray to illegal financial operators (IFO'S) leading to several fraudulent activities,
It is on this note that the FSRCC has warned the general public to desist from dealings with illegal financial institutions and adviced 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.
In a statement signed by the Secretary of the Financial Services Regulation Coordinating Committee (FSRCC) , which was released on the 4th of April has also adviced
the general public 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.
The circular also stated:
"You are advised to report any individual 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 on any registration/licensing application.
Member agencies are encouraged to engage in regular sensitization
campaigns on the threats posed by the activities of Illegal Financial Operators".
Finally, recommendations where also given that:
"Further enquiries should be addressed to:
A) The Director, Financial Policy and Regulation, Central Bank of Nigeria, and / or
B) The Executive Commissioner, Legal and Enforcement, Securities and Exchange Commission".
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