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CBN raises alarm over fake tweet posts on N50 billion COVID-19 fund

The CBN warned the public to stop any form of correspondence with the fake Twitter handle.



Excess charges: CBN return over N60 billion to customers

The Central Bank of Nigeria (CBN) has raised an alarm to members of the public over the operation of a fake Twitter handle, @yusufPhilipYila, which was alleged to belong to its Director, Development Finance, Mr. Philip Yila Yusuf. The apex bank described the operations of the fake Twitter handle as fraudulent.

This was disclosed by the CBN Director of Corporate Communications, Mr. Isaac Okoroafor, in a press statement that was released on Sunday, June 28, 2020, in Abuja.

According to information from News Agency of Nigeria (NAN), Okoroafor pointed out that fake messages relating to the bank’s N50 billion Targeted Credit Facility (TCF) had been posted on the Twitter handle with the intent of wooing unsuspecting loan seekers and owners of small-scale businesses to enter into correspondence with the fake handle.

READ MORE: CBN grants approval for banks to debit accounts of loan defaulters 

The CBN Director warned unsuspecting members of the public, particularly households, micro, small and medium enterprises (MSMEs), to stop any form of correspondence with the fake Twitter handle, while also informing them that the real Mr. Yusuf does not currently own a Twitter handle.

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In the statement, Okoroafor said, “Although the CBN, through the NIRSAL Microfinance Bank (NMFB), has indeed disbursed loans to successful beneficiaries under its COVID-19 Targeted Credit Facility, none of the bank’s officials engages in direct interactions with prospective or successful applicants.

“We, therefore, find it embarrassing that Mr Yusuf has continued to be inundated with personal calls relating to messages from the impostor handle.

“For the avoidance of doubt, our Director, Mr Yusuf, does not currently own a twitter handle.”

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READ MORE: CBN warns SMEs not to pay any fee to access its N50 billion stimulus package

The CBN Director also cautioned that anyone who enters into correspondence with the operators of the fake Twitter handle, does so at his or her own risk.

He then advised prospective applicants to approach NIRSAL Microfinance Bank or any CBN branch nearest to them or tweet at @cenbank or @NirsalMFB for clarification on the procedure for accessing the TCF or any of the CBN-related loans.

Nairametrics had reported a few days ago that the apex bank, through NIRSAL Microfinance, had disbursed N49 billion out of the N50 billion targeted facility for households and small businesses to over 80,000 beneficiaries. This is just as the CBN Director also said that the bank had earlier announced a couple of measures to ensure that Nigeria’s economy does not slip back into recession due to the coronavirus pandemic.

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]



  1. Okachi Moses Ogar

    June 29, 2020 at 12:26 pm

    please I need help. My loan was approved and I submitted my Bvn and account details for about a week now and I have not received the credit alert. Please what do I do

    • Anonymous

      June 30, 2020 at 12:02 am

      When was ur loan approved and when did u apply?

    • Baji Joshua

      June 30, 2020 at 3:07 am

      Edonh Joshua
      Have aproved the loan to him but didnt paid him .what is reason.

  2. Ike eugenia uzoamaka

    June 30, 2020 at 9:21 am

    My Nirsal account was credited on 5june . I got to know on 12 because i didnt get alert. Now onitsha nirsal nmfb said they will get a response from CBN before they transfer my money to my commercial bank. Is 3weeks now i filled the transfer of fund. Am not happy the way everything is going. Please help me. I already made so much commitments on these money, planned the business that will yield twice the money to enable me pay back easily

  3. Bisong Mathew ochang

    July 1, 2020 at 4:15 pm

    I summited my form on Friday June 26 2020,and have not gotten a notification from the bank.please what should I do? Thanks

  4. YOADE Festus Abioye

    July 5, 2020 at 11:07 pm

    I was given approval for the past three weeks ago and I didn’t see alert and those people that we submitted together have seen their own alert and I don’t know whether is cos Nirsal microfinance account that I used and have changed first bank still I’m yet to see d alert what do I do o

  5. Umwemuyaikene Kingsley Esemuede

    July 22, 2020 at 8:00 pm

    I received alart but not in the account details i submitted, but in nmfb account which i can’t access, because no account number is sent to me,and there’s no way I can reach the bank(nmfb)

  6. Adekunle Banjoko

    August 6, 2020 at 8:45 am

    I submit my application toward the end of June and it was successfully received but up till now no message

  7. Kamorudeen

    August 10, 2020 at 3:41 am

    Pls sir, I’ve submitted my application since April and my loan was approved in June. But I’ve not been credited since then. Please help me out. Thanks

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Payroll Support Program: FG pays 101,567 beneficiaries first-month salary

The President announced thousands of beneficiaries received their first monthly payment from our Payroll Support Program.



Payroll Support Program, President Buhari appoints 9 Chief Executives for government agencies, Nigerian British firm, Bail-Out Fund: FG deducts N122 billion from states’ account in 7-months [Full-List] , JUST IN: Buhari submits 2020 MTEF to Senate , FG to intervene in tech operation as lockdown causes chaos in tech market

President Muhammadu Buhari has announced that 101,567 beneficiaries, drawn from 16,253 businesses, received their first monthly payment from the Payroll Support Program yesterday.

This information was disclosed in a tweet by the official Twitter handle of the President.

READ: FG to slash import duties on tractors, buses, others in 2020 Finance Bill

READ: NCC tops lists of 25 most ethically-compliant regulators in Nigeria

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The President also disclosed that the program is an initiative by the Federal Government of Nigeria to ensure that Nigerian MSMEs survive, as the Federal Government supports qualifying MSMEs with staff salaries for 3 months.

READ: How FG saved over N206 billion in 2 years -IPPIS

Why this matters

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The stimulus package would go a long way to assist businesses in averting massive job loss or a crash of the business enterprise. The fund is expected to place affected businesses, which are beneficiaries of this fund, on the path of survival and sustainable growth.

READ: FG says 174,574 successfully register for N75 billion MSME survival fund in 48 hours

What you should know

In July, Nairametrics reported that the Federal Government had announced plans to roll out a N2.3 trillion stimulus package and survival fund for Micro, Small and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges imposed by the pandemic.

READ: FG proposes a reduction of minimum tax rate next fiscal year

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The stimulus package, which is under the National Economic Sustainability Plan (NESP), includes payroll support for three months and guaranteed off-take schemes, among others.

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A month ago, Nairametrics reported that 70,000 businesses in Nigeria had been shortlisted from the 432,000 businesses that applied for the Payroll Support from the Federal Government’s Survival Fund Grant Scheme.

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Development Bank of Nigeria disbursed over N150 billion in 3 years

52% of loans disbursed by Development Bank of Nigeria in 2019 were to youths and women-owned businesses.



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Development Bank of Nigeria has disbursed over N150 billion since 2017 through twenty-seven (27) participating financial institutions, impacting close to 100,000 MSMEs through the process.

This is according to a disclosure by the Government of Nigeria, as seen by Nairametrics.

READ: CBN’s NCR facilitates N1.2 trillion loan For 155,000 MSMEs

READ: DBN meets SMEs’ financial need with over N70 billion

What you should know

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A verified tweet by the Government revealed that in 2019, 52% of the loans disbursed by the Development Bank of Nigeria were to youths and women-owned businesses.

READ: MSMEs crucial to providing employment to growing workforce – Peugeot Boss

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What they are saying

The Government of Nigeria tweeted “#DYK 52% of loans disbursed by @DevBankNG in 2019 were to youths and women-owned businesses. Since 2017, the Bank has disbursed more than N150 billion through 27 Participating Financial Institutions (PFIs), impacting close to 100,000 MSMEs.”

READ: DMO offers N50 million worth of FGN savings bond for subscription

Why it matters

The recent disclosure is in line with the present regime’s drive to diversify the economy and expand opportunities for youths and women, bridging the social exclusion gap, and ensuring prosperity for all.

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(READ MORE: #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities)

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The efforts by the Development Bank of Nigeria complements other social programmes introduced by the government and targeted towards Youths and Women, such as the Special Grant to Rural Women, Nigeria Youth Investment Fund, National Young Farmers Scheme, amongst others.

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FG commences disbursement of N20,000 special grant to rural women

Special grant project will see over 700,000 women empowered with N20,000 each.



The Federal Government has commenced the disbursement of the N20,000 special grant to women in rural areas of Gombe state.

This is according to a verified tweet by the Federal Ministry of Humanitarian Affairs, as seen by Nairametrics.

Recall that Nairametrics had earlier reported the flag-off of the special grant project for rural women, initiated by the Federal Government, which will see over 700,000 women empowered with N20,000 each.

What they are saying

Commenting on the latest development, the verified tweet reads thus:

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MAKE GOOD USE OF THE CASH GRANT”– Umar Faroq tells Rural Women.

The HM @FMHDSD @Sadiya_faroq has urged rural women in Gombe state to use the one-off cash grant given to them by the federal government to improve the lives of their families.

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What you should know

The rural women’s programme was introduced in 2020 by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development as part of President Muhammadu Buhari’s social inclusion and poverty reduction agenda.

It includes the realization of the national aspiration of lifting 100 million Nigerians out of poverty in 10 years.

The Grant for Rural Women is designed to provide a one-off grant to some of the poorest and most vulnerable women in rural Nigeria.

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