CBN Tells Small Businesses to Disregard Text Messages and Videos of Fraudulent Loans, Investment Schemes

The Central Bank of Nigeria on Thursday warned Nigerians against the rising number of fraudulent loan offers and investment schemes.

Osita Nwanisobi, the Acting Director, Corporate Communications, CBN, made the disclosure in a statement titled “Beware of Fraudulent Loan Offers, Investment Schemes”.

The statement said the apex bank attention had been drawn to several fraudulent messages and videos across social media requesting unsuspecting loan seekers and small business owners to apply for loans or investment schemes purportedly facilitated by the central bank.

He, therefore, said while the apex bank had numerous development intervention programmes to help small businesses, it did not engage in direct 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.

“The bank also does not facilitate investment schemes.”

Nwanisobi advised small business owners and the youth to disregard video or tex message proposing investment schemes or requesting them to pay fees on the pretext that their organisations were endorsed by the apex bank.

“These videos and messages are fraudulent and anyone who enters into correspondence with those behind them does so at his or her own risks,” he stated.