Financial institutions

CBN warns Nigerians against Ponzi schemes and illegal financial institutions

From Bamigbola Gbolagunte, Akure

The Central Bank of Nigeria (CBN) has warned Nigerians against frequenting illegal financial institutions just as it has renewed its stance against Ponzi schemes.

The bank’s General Affairs Manager, Mr. Osita Nwanisobi, gave the warning on Thursday in Akure, the capital of Ondo State, while declaring open a two-day fair labeled CBN fair.

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Nwanisibo, who reiterated the need for Nigerians to be mindful of the people they are doing business with, said only CBN accredited banks should be given preference.

He assured that the country’s economic situation will improve based on the economic policies introduced by the federal government, adding that some foreign countries are already studying the country’s economic policies and programs.

While emphasizing the need for the development of the entertainment industry, the CBN boss said the financial institution has committed a huge sum of money for the refurbishment of the National Theater in Lagos.

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He said the CBN has built confidence in the country’s financial system by regulating and licensing only credible and reliable financial institutions.

Speaking, Ondo State Governor Rotimi Akeredolu hailed the CBN for its reliability over the years just as he acknowledged the roles played by the bank in the development of the agricultural sector.

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Akeredolu, who was represented by his special adviser for agriculture, Mr. Akin Olotu, said his government would partner with credible institutions to train young people who are capable and interested in agriculture.

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