Again, CBN Cautions against Illegal Financial Operators

Fidelis David in Akure and Kemi Olaitan in Ibadan 
The Central Bank of Nigeria (CBN) yesterday once more cautioned Nigerians against investing their money in illegal financial operators (IFO) that are not under its regulation.It also stressed the need for Nigerians to shun investments that come with unrealistic returns which such operators use to lure unsuspecting members of the public.

The CBN Fair Team Lead and Director, Corporate Communications Department, Mr.  Osita Nwanisobi, gave the warning at a  public enlightenment campaign programme on its policies and interventions held at St Luke’s Anglican Church Events Centre, Akure, the Ondo State capital. Nwanisobi said: “As a Nigerian, you have a role to play in stopping some of these Ponzi scheme institutions that we see around. You must be conscious of any institution that begin to ask you to bring your money with extremely very high interest rate.“The CBN licenced institutions are recognised and regulated.

So, it is your responsibility to ensure that wherever you are putting your money or whoever you are doing any financial business with is recognised by the CBN,” he added.He said the two-day event tagged: ‘CBN Fair: Promoting Financial Stability and Economic Development’ was organised by the Corporate Communications Department of the apex bank.

“The CBN fair programme is meant for everybody in Ondo State, but we also know that everybody would not be here at the same time and that is why we are speaking to their representative. We have different commodity associations, corps members, students of higher institutions, civil servants, artisans and virtually, people from all walks of life here.

“So, when they get this information, they take it back to their members and you also heard the representative of the government, that means that the government is also aware of what we are doing here today. So, it is essentially for everybody who is a citizen of this country. “He said, essentially, the training was meant to communicate to the people about the CBN policies, interventions, initiatives and programmes and how the citizens can leverage on these programmes.In his remark, Ondo State governor, Mr Oluwarotimi Akeredolu, said the CBN must be commended for its result oriented interventions in all sectors in the past eight years.

Akeredolu, who was represented by his Senior Special Assistant on Agriculture and Agri-business, Mr. Akin Olotu said, “Interest rate has dropped down. That is unprecedented. CBN has brought different programmes, packages for different sectors bringing about developmental agenda.

“The fertiliser plant in Lagos commissioned some days back has put Nigeria in the map of fertilizer production, not just in Africa but globally. That was a giant stride and I think CBN deserves further commendation”, Akeredolu added.

In a related development, Nwanisobi who also spoke at the opening of a two-day CBN Fair, held in Ibadan, yesterday also reiterated the need for Nigerians to shun operators of Ponzi schemes.
He disclosed that the apex bank had often time received series of complaints from Nigerians on activities of quack financial institutions, stating that Nigerians should be weary of those they transact business with.

He said part of activities of the CBN in engaging in development economy and intervening in critical sectors was to ensure the well-being of Nigerians while also promoting growth and development of the nation’s economy.
He maintained that one of the intervention programs and activities of the bank necessitated the two-day event.
According to him, “CBN in line with its mandate and policies has series of interventions, all these efforts are targeted towards improving productive capacity and diversification of the nation’s economy.

“We have remarkable success story which encourages those who are yet to participate in these programs to key into diversification of economy which will speed economic growth and this is what we tend to achieve.
“We are here for people to know about the program of CBN, our interventions and policies and how they can leverage on these interventions to enhance their economic well-being. We also want to let you know that our financial system is strong, robust and you can trust us.”