CBN warns Nigerians against ponzi schemes, illegal financial institutions

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From Bamigbola Gbolagunte, Akure

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

The Director, Corporate Affairs of the bank, Mr Osita Nwanisobi, gave the warning in Akure, the Ondo State capital on Thursday while declaring open a two day fair tagged CBN fair.

Nwanisibo who reiterated the need for Nigerians to be mindful of who they transact business with said only the banks accredited by the CBN should be patronised.

He assured that the nation’s economic situation will improve based on the economic policies introduced by the Federal Government, adding that some foreign countries are already understudying the nation’s economic policies and programmes.

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While stressing the need for the development of the entertainment industry, the CBN boss said the financial institution has committed a huge amount of money to the renovation of the national theatre in Lagos.


He said the CBN has built confidence in the nation’s financial system as it regulates and gives licenses to 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 on Agriculture, Mr Akin Olotu, said his government would partner with credible institutions to train capable and interested youths in farming.