CBN Releases Links, Phone Numbers to Report Illegal Loan Apps, Other Fake Financial Operators
- The Central Bank of Nigeria (CBN) has warned Nigerians to steer clear of the activities of illegal financial services operators
- The apex bank issued phone numbers and website links to report perpetrators of illicit loan services
- The move follows a similar notice issued in August 2023 on the activities of Ponzi scheme operators
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The Central Bank of Nigeria (CBN) has advised Nigerians on the activities of illegal financial services operators in Nigeria.
In a notice posted on its website, the apex bank warned Nigerians about the increasing number of fake and illegal financial services operators offering bogus returns on investment (ROI).
Source: UGC
CBN alerts Nigerians on fake online loan apps, others
In the notice, similar to the one issued in August 2023, the bank worries about the rising cases of fake financial operators exploiting Nigerians online.
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The notice reads:
“The Financial Services Regulation and Coordinating Committee (FSRCC), in collaboration with the 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 FSRCC and NBC, in their continuing efforts to end the scourge of IFOs in Nigeria, hereby issue the following advisory to the general public.”
The financial services regulator asked Nigerians to stop dealing with unlicensed or illegal financial operators who lure and defraud people by offering unrealistic ROI.
According to the bank, Nigerians should report the operators via the links and phone numbers it released.
FCCPC releases list of authorised loan apps
The Federal Competition and Consumer Protection Commission (FCCPC) recently listed the names of authorised loan apps in Nigeria and asked Nigerians to avoid dealing with unregistered loan apps.
The Commission also delisted the names of some loan apps and Microfinance banks in Nigeria.
CBN also revoked the licenses of some Microfinance banks in Nigeria over regulatory concerns.
CBN's links and phone numbers to report fake financial services operators
- CBN: https://www.cbn.gov.ng
- NAICOM: https://naicom.gov.ng
- PenCom: https://www.pencom.gov.ng
- SEC: https://sec.gov.ng
- 0700-225-5226; Toll-Free Line: 0800-225-5226.
CBN lists students, importers, others as beneficiaries of Forex clearance, moves to clear Backlog
Legit.ng reported that The Central Bank of Nigeria (CBN) will inject about $10 billion into the Forex Market to clear the backlog of demands.
The acting CBN Governor, Folashodun Shonubi, said the apex bank would work with commercial banks to disburse the Forex.
Shonubi stated this on Tuesday, September 5, 2023, and said the banks would be essential in clearing the backlogs since they control about 75% of foreign exchange transactions.
Source: Legit.ng
