The director of CBN’s corporate communications Department, Mr Osita Nwanisobi, who gave the warning yesterday in Akure, the Ondo State capital, at the CBN Fair Team Lead Programme, pointed out that IFOs use unrealistic returns on investments to lure unsuspecting members of the public.
At the programme which was held to enlighten Nigerians on the CBN policies and interventions, Nwanisobi said, “As a Nigerian, you have a role to play in stopping some of these Ponzi scheme institutions that we see around.’’ According to him, “You must be conscious of any institution that begins to ask you to bring your money with an extremely very high interest rate. CBN licensing institutions are recognised and regulated. So, it is your responsibility to ensure that wherever you are putting your money, or whoever you are doing any financial business with is recognized by the CBN.
He said the two-day event tagged: “CBN Fair: Promoting Financial Stability and Economic Development” was organised by the Corporate communications department of the apex bank. “The CBN fair programme is meant for everybody in Ondo State but we also know that everybody would not be here at the same time and that is why we are speaking to their representative. We have different commodity associations, corps members, students of higher institutions, civil servants artisans and virtually, people from all walks of life here.’’