CBN Warns Against Fraudulent Loan Offers, Investment Schemes

The Central Bank of Nigeria has asked the public to beware of fraudulent loan offers and investment schemes.

The acting Director, Corporate Communications, CBN, Osita Nwanisobi, said this in a statement on Thursday entitled ‘Beware of fraudulent loan offers, investment schemes.’

It said its attention had been drawn to fraudulent messages and videos in social media circles requesting unsuspecting loans seekers and owners of small-scale businesses to apply for loans or investment schemes purportedly facilitated by the bank.

He said while the CBN had several development finance intervention programmes from which different categories of businesses had benefited and still benefiting, it did not do so through direction interaction with prospective applicants.

He said, For the avoidance of doubt, there are clearly spelt out procedures for accessing CBN intervention funds, which are disbursed through Participating Finance Institutions, such as Deposit Money Banks, Development Finance Institutions and Microfinance Banks. Nwanisobi advised the public, particularly the youth and owners of SMEs, to disregard any video or text message proposing investment schemes or charging them fees on the pretext that their organisations were endorsed by the CBN and therefore, would guarantee easy access to CBN loans

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