CBN to get tough on Ponzi scheme operators

Nigeria’s apex bank, the Central Bank of Nigeria (CBN) has said that it is collaborating with security agencies to prosecute Ponzi scheme operators.

This was disclosed by the Director of the CBN’s Corporate Communications Department, Mr Osita Nwanisobi, at the CBN Fair which took place at Akanu Ibiam International Conference Centre, Abakaliki, the capital of Ebonyi State.

Nwanisobi stated that the apex bank has also embarked on the sensitisation of members of the public on how best to identify and avoid such fraudulent schemes.

What the CBN is saying
Mr Osita Nwanisobi stated that the CBN is doing everything in its power with the help of security agencies to prosecute those who defraud Nigerians of their hard-earned money.

He said, “When Central bank sensitise the public on such Ponzi schemes and they begin to see some of these things, they will know. The other thing is for us to work with security agencies to ensure that those who defraud Nigerians must be brought to book. We have done quite a number in this regard. We work with security agencies to ensure that those who claim what they are not, are brought to book.”

The director also emphasized personal responsibility on the part of the citizens, warning that they must be wary of such flamboyant promises of returns on investments.

“But the most important thing, like I keep saying, is that we are the greatest security. There is no way somebody will come and tell you that he has a product that will give you 10 per cent every month and that translates to 120 per cent per annum. Where is he going to make the money from? What kind of business is the person doing? Is the person regulated?” he queried.

Speaking on the recently launched e-Naira, he said “The issue of security and dependability of the e-naira platform is guaranteed; guaranteed because the technology uses cryptography encrypted with two factors authentication. The e-Naira project is a journey, we expect that there are going to be minor challenges and I can tell you where some of these things are coming from.”

(Nairametrics)