This is for the information of everyone.

CENTRAL BANK OF NIGERIA

Public Notice.

The attention of the Central Bank of Nigeria (CBN) has been drawn to the activities of some persons (individuals and members of the public under the guise of subscription to venture partnership arrangements with a promise to subscribers of sharing profits with owners of the company at mouth watering interest rates of up to for example =N=40,000.00 (or 8.8%) for =450,000.00 per month or other agreed periods.

The CBN is concerned about this worrisome development reminiscent of the past 'Umanah-Umanah ' scheme which masqueraded as wonder bank. Consequently, the CBN wishes to reiterate that only licensed banks, mortgage finance institutions and micro finance banks) are authorized to take deposits from the public while discount and finance houses are allowed to borrow from the public and pay interest through their money market products.

in view of the above, members of the public are advised to be wary of this kind of financial arrangement as anyone who subscribes to such scheme does so, at his/her own risk.

Furthermore, any bank which provides a vehicle for such fund mobilization should ensure that it does not breach the provisions of the know your customer (KYC) guidelines issued by CBN.

Source:
Financial Standard, Monday, July 9, 2007, page 45.

News?

Can we have source of this information please, i mean some link .

The source is there. The last line

Kashif:

The source is there. The last line

I need a link , i mean i need where to click and read it myself , got it ?

Link? scarce commodity!! It was in the papers 3 weeks ago. It is no longer news

Financial Standard has a very poor website and that story never made it there. It's not news (at least not "new" news), it's been on business day, Proshare and other good websites. It's also been addressed in the risky business section.

Bottom line is CBN is not taking action but is simply setting itself up to say "I told you so" if/when it all blows up.