The Financial Services Regulation and Coordinating Committee (FSRCC) and the National Broadcasting Commission (NBC) have asked the public to report illegal financial operators (IFOs) to law enforcement agencies.
The announcement was contained in an advisory issued on Thursday.
Established by the Central Bank of Nigeria (CBN) in 1994, FSRCC is an inter-agency body set up to deal with 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).
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The FSRCC said unlicensed or illegal financial operators lure and defraud unsuspecting members of the public by offering “extraordinary returns on investments (ROI) as bait”.
The committee encouraged citizens to refrain from dealing with IFOs and verify the licensing status of companies and schemes on the websites of the CBN, SEC, NAICOM and PenCom before investing in them.
“The Financial Services Regulation and Coordinating Committee (FSRCC), in collaboration with National Broadcasting Commission (NBC), wishes to draw the attention of the public to the worrisome increase in the activities of Illegal Financial Operators (IFOs) which portends grave risk to the public confidence and stability of the Nigerian Financial System,” the advisory reads in part.
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“Consequently, the Public is advised to report any individual or entities suspected to be involved in such nefarious activities to Law enforcement agencies.”
The FSRCC also said its member agencies will continue to engage in regular sensitisation campaigns on the threats posed by the activities of IFOs.
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