Scam-Alert: CBN urges Nigerians to verify companies’ licence status before investing

The Central Bank of Nigeria has warned Nigerians to refrain from dealing with illegal financial operators (IFOs).

This was stated by The Financial Services Regulation Coordinating Committee (FSRCC) in an advisory posted on the (CBN’s) website on Monday.

FRSCC is an institution set up to handle matters of common interest and concern to the various regulatory and supervisory authorities in the financial services industry.

Member agencies include the CBN, Corporate Affairs Commission (CAC), federal ministry of finance, National Insurance Commission (NAICOM), National Pension Commission (PenCom), Nigeria Deposit Insurance Commission (NDIC), Securities and Exchange Commission (SEC), the Nigerian Stock Exchange, Abuja Securities and Commodity Exchange Plc and the Federal Inland Revenue Service (FIRS).

According to the post, the rise in the activities of IFOs portends a grave risk to public confidence and the stability of the Nigerian financial system.

“Members of the public are advised to visit the websites of the CBN, 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 advisory reads.