CBN Alerts Nigerians to Fake Contract Scams, Disclaims Special Project Funding

The Central Bank of Nigeria (CBN) has disassociated itself from any direct development interventions or special project funding, cautioning Nigerians against fraudsters attempting to deceive them with fake contract offers.

In a statement signed by its Acting Director of Corporate Communications, Hakama Sidi Ali, on Monday, November 18, the apex bank highlighted the fraudulent activities of individuals presenting forged contract award letters for construction works and special financial interventions on behalf of the bank.

Ali emphasized that the CBN has discontinued such interventions and projects, adding that no public notices related to these have been authorized on social media or other news platforms.

“The Bank hereby reiterates that, in line with the focus of its current management, it has discontinued direct development interventions and special project funding. Furthermore, the CBN has not authorized any public notices for such interventions on social media platforms or other news outlets,” Ali stated.

The CBN reaffirmed its dedication to its primary mandate, stating: “The CBN remains committed to its core mandate of ensuring monetary and price stability, and a sound and efficient financial system in Nigeria.”

The bank also urged Nigerians to remain vigilant and report any suspicious activities to law enforcement agencies. “We, therefore, encourage the public to remain vigilant and promptly report any suspicious activities or publications to the relevant law enforcement agencies,” the statement concluded.

Also, in a recent report by Investors King, the CBN issued a memo warning Deposit Money Banks (DMBs) against engaging in the hawking of Naira notes, stating that those found guilty would face penalties.