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CBN warns against fraudulent loan offers, investment schemes

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The Central Bank of Nigeria (CBN) has warned Nigerians on the need to be wary of fradulent loan offers and investment schemes.

In a statement signed by the bank’s Acting Director of Corporate Communications, Osita Nwanisobi, the apex bank noted that it does not communicate directly with applicants of its financial intervention programmes.

“The attention of the Central Bank of Nigeria (CBN) has again been drawn to fraudulent messages and videos in social media circles requesting unsuspecting loan seekers and owners of small-scale businesses to apply for loans or investment schemes purportedly facilitated by the Bank, ” the statement read.

”While the CBN, indeed, has several development finance intervention programmes from which different categories of businesses have benefitted (and still benefitting), it DOES NOT do so through direct interaction with prospective applicants.

“For the avoidance of doubt, there are clearly spelt out procedures for accessing CBN intervention funds, which are disbursed through Participating Financial Institutions (PFIs), such as Deposit Money Banks (DMBs), Development Finance Institutions (DFIs) and Microfinance Banks (MFBs). The Bank also does not facilitate investment schemes.”

CBN further stated that it has not appointed any organization to serve as its agent for the purpose of investment or applying for intervention loans.

The bank advised small-scale business owners and youths to approach their respective banks, NIRSAL Micro-Finance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the CBN intervention funds.

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