CBN advises against illegal financial operators

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 FSRCC and NBC in their continuing efforts to end the scourge of IFOs in Nigeria, hereby issue the following advisory to the general public:

  1. Refrain from dealing with unlicensed or illegal financial operators, who lure and defraud unsuspecting members of the public by offering extraordinary returns on investments as bait.
  • Verify the licensing status of such companies and schemes on the following websites before investing in them:

a. CBN:


c. PenCom:

d. SEC:

Consequently, the Public is advised to report any individual or entities suspected to be involved in such nefarious activities to Law enforcement agencies. And Call: tolled line: 0700-225-5226; Toll-Free Line: 0800-225-5226. FSRCC Direct Line: +234-817-665-6273

Member agencies will continue to engage in regular sensitization campaigns on the threats posed by the activities of Illegal Financial Operators.

Further enquiries may be addressed to:

  1. The Director, Financial Policy and Regulation Department / Secretary, FSRCC, Central Bank of Nigeria, and/or
  2. The Executive Commissioner, Legal, and Enforcement, Securities and Exchange Commission.

Source: CBN advises against illegal financial operators – StocksWatch (

Related Posts


Business & Economy

Stock Market Review: September 18, 2023

The stock market last week closed was down by 1.10% due to profit taking, bringing the All Share Index and Market Capitalisation to 67,395.74 points and N36.886 trillion respectively. Year to date, the market has returned 31.50%. In a stock market review with the MD/CEO of APT Securities and Funds Limited, Mallam Garba Kurfi, the following were discussed: […]


Business & Economy

Nigerian Bourse drops by 1.10% in one week on profit taking, sheds N409bn

The Nigerian stock market declined by 1.01% week on week, as NESTLE, PRESCO and other 51 stocks shed weights. The All Share Index dropped by 1.10% to settle at 67,395.74 points from 68,143.34 points. Consequently, the Market capitalization also dropped by 1.10% to settle at N36.886 trillion from N37.295, thereby shedding N409 billion. An aggregate of 2.93[…]