CBN warns against fraudulent loan offers, investment schemes


The Central Bank of Nigeria has warned against fraudulent loan offers and investment schemes which are being used by unscrupulous individuals to defraud owners of small scale ‎businesses.

Messages and videos which are urging members of the public to apply to the CBN for loan have been circulating in the social media.

Reacting to the development in a statement, the apex bank said it was not responsible for the concerned messages and videos.

‎”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.

“While the CBN, indeed, has several development finance intervention programmes from which different categories of businesses have benefited (and still benefiting), 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,” the statement said.

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Stressing that the videos and massages are fraudulent, the CBN noted that anyone who enters into correspondence with those behind them does so at his or her own risk.

The CBN added that it has not appointed or accredited any organisation to serve as agent on its behalf for the purpose of investment or applying for intervention loans.

The statement advised prospective applicants 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-related facilities.

Members of the public were also advised to contact the CBN on 07002255226 or send an email to contactcbn@cbn.gov.ng for any further clarification.

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