CBN Warns Loan Seekers of Fraudulent Intervention Schemes

October 9, 2020
business loan

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has warned unsuspecting Nigerians against fraudulent messages and videos targeted at loan seekers and owners of small-scale businesses purportedly facilitated by the bank.

The apex bank in a statement signed by the Acting Director, Corporate Communications, Mr Osita Nwanisobi, noted that while the CBN has several development finance intervention programmes from which different categories of businesses had benefitted from, it emphasized that, “it does not do so through direct interaction with prospective applicants.”

It explained that there are clearly spelt out procedures for accessing CBN intervention funds, which are disbursed through Participating Financial Institutions (PFls), such as deposit money banks (DMBs), Development Finance Institutions (DFls) and Microfinance Banks (MFBs).

The statement noted that, “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.

“These videos and massages are fraudulent and anyone who enters into correspondence with them does so at his or her own risk. The CBN has neither appointed nor accredited any organisation to serve as an agent on its behalf for the purpose of investment or applying for intervention loans.

“Prospective applicants are therefore advised to approach their respective banks, NIRSAL Micro-Finance Bank or the Central Bank of Nigeria branch nearest to them for clarification on the procedure for accessing any of the CBN-related facility.”

Adedapo Adesanya

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

Leave a Reply

Ehingbeti 2020
Previous Story

Ehingbeti Summit 2020 Targets 100,000 Participants

obasa mudashiru lagos speaker
Next Story

I Was Never Detained by EFCC—Obasa

Latest from Economy