CBN cautions Nigerians against investment in fraudulent schemes, loan offers

Olamilekan Ibraheem
The Central Bank of Nigeria (CBN) has warned Nigerians against fraudulent loan offers, and other investment schemes especially through social media.

CBN Acting Director, Corporate Communications Department, Ostia Nwanisobi, gave the warning in a statement to the media on Friday.

Nwanisobi said that the apex bank was aware that some fraudulent individuals send messages for such offers, especially through social media.

He said that such messages requesting unsuspecting loan seekers and small business owners to apply for loans or investment supposedly facilitated by the bank are fraudulent.

“The attention of the CBN has again been drawn to fraudulent messages and videos, especially in the social media.

“They request unsuspecting loan seekers and owners of small-scale businesses to apply for loans or investment schemes purportedly facilitated by the bank,’’ Nwanisobi said.

He said that although the CBN has several development finance intervention programmes, it does not interact directly with prospective applicants.

“For the avoidance of doubts, there are clearly spelt out procedures for accessing CBN’s intervention funds which are disbursed through Participating Financial Institutions, Development Finance Institutions and Microfinance Banks.

“The bank does not facilitate investment schemes.

“Members of the public, particularly youths 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,’’ he said

He advised prospective applicants for CBN’s intervention schemes to approach their respective commercial banks, NIRSAL Microfinance Banks or branches of the apex bank nearest to them.

He urged the public to contact CBN hotline – 0700255226 or email – contactcbn@cbn.gov.ng for further clarifications.