CBN cautions Nigerians against illegal financial operators
By Johnmark Ukoko
The Central Bank of Nigeria (CBN) has cautioned Nigerians against patronising Illegal Financial Operators (IFOs), saying the consequences should be better imagined than experienced.
Its Financial Services Regulation Coordinating Committee (FSRCC) specifically drew the attention of members of the year, UBA’s Profit Before Tax was impressive with a 20.3 percent growth to N153.1 billion, compared to N127.3 billion at the end of the 2020 financial year; while Profit After Tax rose grew by 8.7 percent to N118.7 billion in 2021, compared to N109.2 billion recorded the previous year, The Trumpet gathered.
As a result, the Bank proposed a final dividend of 80 kobo for every ordinary share of 50 kobo for the financial year ended December 31, 2021, bringing the total dividend for the year to N1.00 as the Bank had earlier paid an interim dividend of 20kobo.
United Bank for Africa Plc is Africa’s global bank, offering banking services to more than twenty seven million custom- ers, across over 1,000 business offices and customer touch points in 20 African countries, The
With a presence in the United States of America, the United Kingdom and France and its more recent operating license in the United Arab Emirates, UBA is connecting people and businesses across Africa through retail; commercial and corporate banking; innovative cross-border payments and remittances; trade finance and ancillary banking services. public to the worrisome activities of the IFOs, which it said, constituted grave risk to public confidence and stability of the financial system.
The FSRCC, therefore, warned Nigerians in particular and members of the general public to refrain from dealing with unlicensed or illegal financial operators, who lure and defraud people through offer of extra ordinary returns on investments.
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“Members of the public are advised to visit CBN website, 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.
“You are also advised to report any individual or enti ties 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 and licensing any operator under their regulatory purview,” it stated.
It will be recalled that several innocent Nigerians and foreigner have been defrauded by such firms that promised their customers mouth-watering incentives only to end up being defrauded.
