FSRCC warns public over activities of Illegal Financial Operators

The Financial Services Regulation Coordinating Committee (FSRCC) on Monday warned the general public of Illegal Financial Operators (IFOs), stressing that their operation portends grave risk to public confidence and the stability of the Nigerian Financial System.

The Secretary, FSRCC in a statement advised the general public to refrain from dealing with unlicensed or illegal financial operators, who lure and defraud unsuspecting people by offering extra-ordinary returns on investments as bait.

The statement called on members of the public to visit the websites of the Central Bank of Nigeria (CBN), Securities and Exchange Commission (SEC) and other relevant member agencies of the FSRCC to verify the registration and license status of such companies and schemes before investing in them.

FSRCC said: “You are also advised to report any individual or entities suspected to be involved in such nefarious activities to the law enforcement agencies. Financial regulatory agencies shall continue to carry out all necessary due diligence before registering/licensing any operator under their regulatory purview. In addition, Agencies shall refer to relevant supervisory authorities for confirmation before finalizing on any registration/licensing application.

“Member agencies are encouraged to engage in regular sensitization campaigns on the threats posed by the activities of Illegal Financial Operators.”