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

The Central Bank of Nigeria has warned against messages and videos requesting loan seekers and small-scale business owners to apply for loans or investment schemes facilitated by the apex bank.

The apex bank made the disclaimer on Thursday in an electronic statement where it maintained that it does not facilitate investment schemes.

The Central Bank has several finance intervention programmes targeted at individuals and different categories of business alike.

The bank said it does not disburse the facility, “through direct interaction with prospective applicants.”

The CBN said, “There are clearly spelt out procedures for accessing CBN intervention funds, which are disbursed through Participating Financial Institutions.”

The CBN had over the years disbursed its credit funds and other credit facilities through Deposit Money Banks, Development Finance Institutions and Microfinance Banks.

“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,” the apex bank said.

CBN noted that applicants should approach their respective banks, NIRSAL Micro-Finance Bank or the nearest apex bank branch for clarification on the procedure for accessing any of the CBN-related facility.