Home Business Money CBN Warns Nigerians To Beware of Fraudulent Loan Offers, Investment Schemes
Money

CBN Warns Nigerians To Beware of Fraudulent Loan Offers, Investment Schemes

Share
Share

The Central Bank of Nigeria (CBN) on Thursday warned Nigerians to beware of 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 bank said that 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.
Members of the public, particularly youth and owners of small-scale businesses, are therefore advised to disregard any video or text message proposing investment schemes or charging them fees on the pretext that their organisations are endorsed by the CBN and therefore would guarantee easy access to CBN loans.

These videos and massages are fraudulent and anyone who enters into correspondence with those behind them does so at his or her own risk.

The CBN has neither appointed nor accredited any organization to serve as agent on its behalf for the purpose of investment or applying for intervention loans.

Prospective applicants are therefore advised to approach their respective banks, NIRSAL Micro-Finance Bank or the Central Bank of Nigeria (CBN) branch nearest to them for clarification on the procedure for accessing any of the CBN-related facility.

The Public is also advised to contact the Central Bank of Nigeria (CBN) on 07002255226 or send an email to contactcbn@cbn.gov.ng for any further clarification.

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

Access Bank Hosts President Steinmeier, Commits To Strengthening German-Nigerian Trade Relations

Access bank last week welcomed the President of the Federal Republic of...

Edo Plans Interest-free Loans For Traders 

Edo State Governor, Senator Monday Okpebholo on Thursday revealed plans to give...

Cash Scarcity: CBN Pegs N100,000 Daily Withdrawal Limit On PoS Transaction

The Central Bank of Nigeria on Wednesday directed banks has to peg...

FG, States, LGCs Share N1.727tn  For November 

The Federation Account Allocation Committee (FAAC), at its December 2024 meeting chaired...