CBN warns public against fraudulent loan offers, investment schemes

The Central Bank of Nigeria (CBN) has warned the Nigeran public against fraudulent loan offers and investment schemes pushed out in form of fraudulent messages and videos circulating in the social media circles appealing to unsuspecting loan seekers and small-scale businesses owners to apply for loans or investment schemes and purportedly facilitated by the apex bank.

In a statement it released Thursday the CBN disclosed that while it, 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.

The CBN further said that 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), adding that it 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 fees on the pretext that their organisations are endorsed by the CBN and therefore would guarantee easy access to CBN loans,” the bank said.

“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 an intervention loans,” the CBN concludes.

The apex bank advised prospective loan seekers 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.