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CBN Warns Nigerians Against Benefit Loan Offers, Investment Schemes

CBN Warns Nigerians Against Benefit Loan Offers, Investment Schemes (Updated: Friday, 9th October 2020, 03:44 PM)


The Central Bank of Nigeria (CBN) has alerted Nigerians on fraudulent loan offers and investment schemes.

It cited information and videos circulating on social media.

The messages had asked loan seekers and small-scale businesses owners to apply for funds.

But in a statement, CBN said while it has several development finance intervention programmes for different categories of businesses, it does not directly interact with prospective applicants.

The apex bank explained that its interventions are only disbursed through participating financial institutions (PFIs) such as deposit money banks (DMBs), development finance institutions (DFIs) and microfinance banks (MFBs).

“The 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 agent on its behalf for the purpose of investment or applying for an intervention loans,” it said.

The statement advised prospective loan seekers to visit their respective banks, NIRSAL Micro-Finance Bank or the nearest CBN branch.

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