Warns Against Ponzi Schemes
The Central Bank of Nigeria (CBN) has iterated the importance of intimating Nigerians on best banking practices, to catalyse the country’s economic development.
It also warned Nigerians against investing with Illegal Financial Operators (IFO), using unrealistic Returns on investment (RoIs) to lure unsuspecting members of the public.
CBN Director, Corporate Communications Department, Mr. Osita Nwanisobi, gave the admonishment yesterday during a public enlightenment campaign on its policies and interventions in Akure, Ondo State.
He also underscored the need for Nigerians to accept the e-Naira and naira management policies on consumer protection, currency operations, payment system management and development finance
Nwanisobi, who is the CBN Fair Team Lead, disclosed that the event, tagged ‘CBN Fair: Promoting Financial Stability and Economic Development’, was organised by the Corporate Communications Department of the bank.
“The CBN fair is meant for everybody in Ondo, but we also know that everybody would not be here at the same time. That is why we are speaking to their representatives. 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. The government is also aware of what we are doing here today. So, it is essentially for every citizen of this country,” he said.
According to the CBN chief, the training was essentially meant to communicate to the people about the apex bank’s policies, interventions, initiatives and programmes, and how the citizens can leverage on these programmes.
“It is 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 sensitise the public not to patronise entities that are not regulated by the CBN.
“It 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. So, this platform gives them the opportunity to ask those questions agitating their minds, and if there is any clarification they require, they would use the opportunity to get them,” he said.
Nwanisobi noted that the country’s financial system outlawed crypto-currency, as no bank would accept entities that trade on crypto, warning the people to desist from illegal financial schemes.
He added: “As a Nigerian, you have a role to play in stopping some of these Ponzi schemes that we see around. You must be conscious of any institution that begins to ask you to bring your money with extremely very high interest rate.
“CBN-licensed 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.”
Ondo State Governor, Oluwarotimi Akeredolu, applauded the apex bank 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. 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 fertiliser production, not just in Africa but globally. That was a giant stride and I think CBN deserves further commendation.”
CBN Controller, Akure Branch, Yusuf Adebare, added that the fair was one of the cardinal programmes designed by the bank to ensure regular interface with the members of the public.