Ponzi Schemes Costs Nigerians N11.9 Billion In 2016- CBN

Posted by Admin

The Central Bank of Nigeria, CBN, has disclosed the loss of over N11.9 billion to the activities of Ponzi schemes in 2016, Nigerians.

Speaking in Kano during the 2017 Bank-Wide Sensitisation Campaign, an initiative of the apex bank, its Acting Director, Corporate Communications, Alhaji Yusuf Wali, warned of the inherent danger associated with subscribing to Ponzi scheme.

He said: “I will also like to reiterate the position of the CBN on the need for the citizens to desist from unwholesome financial engagements in all Ponzi schemes. The Nigeria Electronic Fraud Forum made public a recent daunting report on the losses suffered by the subscribers which amounted to N11.9 billion in December 2016.”

He said the sensitisation programme tagged ‘CBN Fair’ is geared towards sensitising citizens on the activities of CBN as well as educating Nigerians on how best to engage in financial transactions.

“Our objective is simple! We want you to understand what we do at the CBN. We want to sensitise you on your roles as citizens in keeping the Naira clean and other matters.

“We want to hear your complaints about matters relating to the financial sector and we want to let you into how you can access and benefit from the different initiatives of the CBN,” he said.

He further stated that the CBN has introduced some strategic initiatives and intervention schemes to support the economy with a view to ensuring sustainable growth and development.

He identified the sectors to include agriculture, power, energy, manufacturing, micro, small and medium scale enterprises (MSME) as well as banking and industry, through credit delivery to the real sector of the economy.

In his remarks, Kano State Governor, Dr Abdullahi Umar Ganduje who was represented by the state Commissioner for Finance, Prof. Kabiru Isah Dandago,  lamented that the people of Kano have failed to key into CBN programmes designed to benefit the economy of the state and their private businesses.

Read These Too

Add Comment