CBN Raises Alarm Over Scam Loan Advert

budgetThe Central Bank of Nigeria, Abuja, Nigeria
  • CBN Raises Alarm Over Scam Loan Advert

The Central Bank of Nigeria (CBN) has alerted Nigerians about internet fraudsters targeting small scale businesses, using fake CBN loans as bait, social media as tool of trade.

The Director, Corporate Communications Department of the CBN, Mr Isaac Okorafor, raised this alarm in a statement released in Abuja on Monday.

Okorafor urged the public to ignore any message asking them to send delicate information in an application for the fake CBN loan.

He said, “The attention of CBN has been drawn to fraudulent messages on the social media circles requesting unsuspecting loan seekers and owners of small-scale businesses to apply for loans provided by the Federal Government.

“The fraudsters asked the loan seekers to do so through an e-mail address purportedly being handled by the CBN”.

He added that to access CBN loans, businesses must follow the laid down procedures of the bank and that CBN do not directly contact individuals directly regarding the availability of financial intervention programmes, adding that interested individuals can approach their personal banks close to them to get information about the procedures of applying for any of the financial intervention programme, they are interested in.

“While the CBN indeed has several development finance intervention programmes from which different categories of businesses have benefited (and still benefitting), the bank does not do so through direct interaction with prospective applicants.

“For the avoidance of doubt, there are clearly spelt out procedures for accessing CBN intervention funds, which are disbursed through Participating Financial Institutions, such as Deposit Money Banks, Development Finance Institutions and Microfinance Banks.”

The CBN through its verified twitter handle, @cenbank also revealed the fraudulent email operated by the scammers.

It said, “CBN has nothing to do with fraudulent messages on social media requesting unsuspecting loan seekers and owners of small scale businesses to apply for loans provided by the Federal Government through the email: [email protected] please beware!”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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