Financial institutions

CBN warns Nigerians against unlicensed financial institutions

As part of efforts to curb the fraudulent financial activities of some dubious figures, the management of the Central Bank of Nigeria (CBN) has warned the public to stop patronizing unlicensed institutions in the country.

CBN Governor Mr. Godwin Emefiele issued the warning in Yola on Thursday at the Central Bank of Nigeria Fair 2022 on the theme “Promoting Financial Stability and Economic Development”.

Represented at the two-day sensitization program by the Director of Communication Department of Cooperation, CBN, Mr. Osita Nwanisobi, Godwin Emefiele, said the program is being conducted simultaneously in Adamawa and Taraba to sensitize Nigerians on the policies and interventions of CBN.

He pointed out that the records available to them show that many Nigerians fall victim to these unholy scam artists.

Emefele said the program also aims to work on how to improve the economic welfare of Nigerians through a strong financial system for stable and sound financial accountability in the country.

“CBN Fair is highly harmonized for raising awareness of all CBN initiatives ranging from payment systems, consumer protection, financial inclusion, clean rating policy, agricultural finance initiatives, real sector intervention as well as e-Naira as well as sensitization on CBN initiatives towards sustainable economic development of Nigeria as a whole.

In his goodwill message, CBN Yola Branch Comptroller Sanusi Sah Nyashi congratulated CBN for choosing Adamawa and Taraba for this year’s Fair program, acknowledging that Adamawa is one of the where CBN initiatives and interventions are fully embraced.

He urged participants to pay attention to the various presentations and ask questions where there is a need in order to exploit the opportunities of the initiatives.

Participants in the program came from both the public and private sectors, with some of the previous beneficiaries seen displaying their products at the entrance to the site.


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CBN warns Nigerians against unlicensed financial institutions