CBN: Nigerians Lose N11.9bn to Ponzi Schemes in 2016


Ibrahim Shuaibu in Kano

The Central Bank of Nigeria (CBN) has warned Nigerians to desist from unwholesome financial engagements in all Ponzi schemes.

It also revealed that investors in such schemes lost the sum N11.9 billion as at December last year.

The acting Director, Corporate Communications Department of the CBN, Mr. Isaac Okorafor, said this during a 2-day Bank-Wide sensitisation campaign on CBN initiatives and programmes in Kano yesterday. He was represented by Mr. Yusuf Wali.

According to the CBN spokesman, since 2015, the Bank had been adequately educating Nigerians on its banks activities in order to create awareness.

“Our objective is simple. We want you to understand what we do at the CBN. We want to sensitise you on your roles as citizens in keeping the naira clean and other matters,” he told his audience.

He said the CBN had introduced some strategic initiatives and intervention schemes to support the economy with a view to ensuring sustainable growth and development.

According to him, the initiatives and intervention schemes can broadly be classified under the many sectors in the country economy.

In her address, the acting Controller of the CBN Kano office, Mrs. Bilkisu Mahe Wali, decried the inability of successive administration to cooperate with the CBN.

According to her, the purpose of the campaign was to sensitise the citizens on various intervention and other activities which the CBN was involved in for the benefits of the people.

She lamented that lack of education and awareness contributed to the inability of a lot of people to participate actively in the apex bank’s programmes.