CBN raises alarm over fraudulent loan offers, investment schemes with charged fees

The apex bank has advised members of the public to disregard any video or text message proposing investment schemes charging them fees.

The Central Bank of Nigeria (CBN) has warned members of the public to beware of fraudulent messages and videos on social media, requesting unsuspecting loan seekers and owners of small-scale businesses to apply for loans or investment schemes purportedly facilitated by the bank.

This disclosure was made by the apex bank in a public statement and signed by CBN’s acting Director, Corporate Communications, Osita Nwanisobi, on Thursday, October 8, 2020.

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Part of the CBN’s statement reads, “The attention of the Central Bank of Nigeria (CBN) has again been drawn to fraudulent messages and videos in social media circles requesting 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 benefitted (and still benefitting), it DOES NOT do so through direct interaction with prospective applicants.”

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The CBN pointed out that for the avoidance of doubt, there are clearly spelt out procedures for assessing CBN intervention funds, which are disbursed through participating financial institutions (PFIs) such as deposit money banks (DMBs), development financial institutions (DFIs) and microfinance banks (MFBs). The bank also clearly stated that it does not facilitate investment schemes.

The apex bank, therefore advised members of the public, particularly youths and owners of small-scale businesses, to disregard any video or text message proposing investment schemes charging them fees on the pretext that their organizations are endorsed by the CBN and therefore would guarantee easy access to CBN loans.

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The bank clearly emphasized that these videos and messages 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 an agent on its behalf for the purpose of investment or applying for intervention loans.

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The CBN advised prospective applicants to approach their respective banks, NIRSAL Microfinance Bank, or any CBN branch closest to them for clarification on the procedure for accessing any of the CBN-related facility.

Comments 8

Polycarp n mmaduakor

October 9, 2020 · 6:42 am

Thanks chike for your research and response to help impoverished people of Nigeria

Olusegun AA Odutola

October 9, 2020 · 11:33 am

Hoooom!we don’t know who is at fault whether is the government or central bank of Nigeria, if government of Nigeria and CBN had followup the financial and monitory policies the scammers could have not so much influence on the society, but we live in a corrupt society, government and their officials are corrupt and decay,even if government meant well for the people the so called civil servants evil servants will not let it work, since January government and CBN had being shouting and crying, palliative this, palliative that,agric loans etc,how many applicants have access to this facility up to day,government, CBN,Commercial banks has fail us that is why people patronise these micro finance houses and scammers.

Sanusi Hammadu

October 9, 2020 · 4:39 pm

There’s this organization “Wallet Credit” which gave loans with 100% interest charged on Principal amount. Is there any loan paid in one year with this high interest?

Lekan lawal

October 9, 2020 · 5:10 pm

I will like to know more

Joseph Okorie

October 11, 2020 · 1:34 am

Thanks for the information. Please is there anything like online loan, where you acquire loan through your handset without collateral. If there is, which is real? Thanks