The Central Bank of Nigeria has advised Nigerians to be cautious of unlicensed or illegal financial operators who offer unrealistic returns on investments as bait to lure and defraud them.
Director, Corporate Communications Department, Mr Osita Nwanisobi, who led the Apex bank’s Fair Team to Ondo state, gave the warning at a public enlightenment campaign programme on its policies and interventions.
Nwanisobi while warning the public said “As a Nigerian, you have a role to play in stopping some of these Ponzi scheme institutions that we see around.
Patronise only financial institutions regulated by CBN – Official
“You must be conscious of any institution that begins to ask you to bring your money with an extremely very high-interest rate. CBN licencing institutions are recognized 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 recognized by the
CBN
Nwanisobi pointed out that the operations of Illegal Financial Operators were disturbing and posed a major danger to public confidence and Nigeria’s financial stability.
Speaking on the programme, he said it was tagged: ‘CBN Fair: Promoting Financial Stability and Economic Development and was organised by the Corporate Communications department of the apex bank.
The Director said that ” 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 essential for everybody who is a citizen of this country”.
He added that “essentially, the training is meant to communicate to the people about the CBN policies, interventions, initiatives and programmes and how the citizens can leverage on these programmes.
” It is also meant to build confidence in our financial system and let the public know that our financial system is strong, stable and very robust. Also, it is to sensitize the public not to patronize entities that are not regulated by the CBN.
“It also gives us the opportunity to rub minds with the people. Most of the individuals here are having certain questions they had wanted to ask CBN but they don’t know where to go to.
“So, this platform gives them the opportunity to ask those questions agitating their minds and if there are any clarifications they require, they would use the opportunity to get them”.
Speaking on cryptocurrency, Nwanisobi declared that “the financial system of Nigeria has no space for cryptocurrency and banks should desist from accommodating entities that trade on crypto.
Governor Rotimi Akeredolu, who spoke through his Senior Special Assistant on Agriculture and Agri-business, Akin Olotu
lauded the bank for its result-oriented interventions in all sectors in the past eight years.
Akeredolu noted that “Interest rate has dropped down. That is unprecedented.
CBN has brought different programmes, and packages for different sectors bringing about developmental agenda.
“The fertilizer plant in Lagos commissioned some days back has put Nigeria on 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.
On his part, the Branch Controller Central Bank of Nigeria, Akure Branch, Mr Yusuf Fatal Adebare said, “the CBN sensitization fair is one of the cardinal programmes designed by the apex Bank to ensure regular interface with the members of the public, share ideas, receive feedback and foster ways of deepening value delivery to all the citizens of the country.
Adebare noted that the CBN under the leadership of its governor, Mr Godwin Emefiele has engaged In development finance activities and constantly intervened in the critical sectors of the economy to ensure the wellbeing of the Nigerian citizens and promote economic growth and development.
He pointed out that “The Bank in line with Its mandate had provided policy and financing support to about 40 interventions including the Agricultural Credit Guarantee Scheme Fund (ACGSF); the MSME development Fund; the Non-oll Export Simulation Facility (NESF), Anchor Borrowers’ programme, Targeted Credit Facility (TCF), 100 for 100 policy on production and productivity and the recently Introduced RT200 Forex programme to mention a few”
Vanguard News Nigeria
