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Business

CBN raises alarm over fraudulent loan offers, investment schemes with charged fees

The apex bank has advised members of the public to disregard any video or text message proposing investment schemes charging them fees.

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Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN , To test FX market, CBN pumps $50 million, CBN issues guidelines to Finance Institutions on establishment of Subsidiaries and SPVs, CBN injects $2.63 billion to defend naira in one month, CBN’s COVID-19 N50 billion targeted credit facility, CBN’s heterodox policies buoys credit growth, These industries drove business activities in September, Credit to Nigerian economy falls to N38.67 trillion as private stagnates at N30 trillion, Availability of secured credit to businesses and households increases as unsecured credit to households dips in Q3 2020 - CBN

The Central Bank of Nigeria (CBN) has warned members of the public to beware of fraudulent messages and videos on social media, requesting unsuspecting loan seekers and owners of small-scale businesses to apply for loans or investment schemes purportedly facilitated by the bank.

This disclosure was made by the apex bank in a public statement and signed by CBN’s acting Director, Corporate Communications, Osita Nwanisobi, on Thursday, October 8, 2020.

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

Part of the CBN’s statement reads, “The attention of the Central Bank of Nigeria (CBN) has again been drawn to fraudulent messages and videos in social media circles requesting loan seekers and owners of small-scale businesses to apply for loans or investment schemes purportedly facilitated by the bank.

“While the CBN indeed, has several development finance intervention programmes from which different categories of businesses have benefitted (and still benefitting), it DOES NOT do so through direct interaction with prospective applicants.”

READ: CBN allows banks to pay winnings, salaries for 7 banned betting & gaming companies

The CBN pointed out that for the avoidance of doubt, there are clearly spelt out procedures for assessing CBN intervention funds, which are disbursed through participating financial institutions (PFIs) such as deposit money banks (DMBs), development financial institutions (DFIs) and microfinance banks (MFBs). The bank also clearly stated that it does not facilitate investment schemes.

The apex bank, therefore advised members of the public, particularly youths and owners of small-scale businesses, to disregard any video or text message proposing investment schemes charging them fees on the pretext that their organizations are endorsed by the CBN and therefore would guarantee easy access to CBN loans.

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READ: CBN gives approval for Stirling Trust to start offering cash-in-transit services

The bank clearly emphasized that these 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 an agent on its behalf for the purpose of investment or applying for intervention loans.

READ: How to Know If It’s A Ponzi Scheme

The CBN advised prospective applicants to approach their respective banks, NIRSAL Microfinance Bank, or any CBN branch closest to them for clarification on the procedure for accessing any of the CBN-related facility.

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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]

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    Business

    FG to commence construction of 4 new rail projects across the country

    The listed rail line projects include Ibadan-Kano, Port Harcourt-Maiduguri, Kano-Maradi and Lagos-Calabar rail lines.

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    Rotimi Amaechi, Minister of Transport, Nigerian railway contract with CCECC and CRRC, China Civil Engineering Construction Corporation, Chinese Railway Rolling stock Corporation

    The Minister of Transportation, Rotimi Amaechi, has said that the Federal Government is about to commence 4 new rail line projects in various parts of the country.

    The listed rail line projects include Ibadan-Kano, Port Harcourt-Maiduguri, Kano-Maradi and Lagos-Calabar rail lines.

    This disclosure was made by Amaechi while speaking at the annual ministerial press briefing on programmes, projects and activities of the Federal Ministry of Transportation and its agencies on Friday in Abuja.

    READ: FG to fully launch E-ticketing platform for NRC next week

    What the Minister of Transportation is saying

    Although the Minister announced that the Federal Government was about to start the rail lines project, he was not specific on the exact dates the projects would start.

    Amaechi, in his statement, said, “We have awarded the following contracts and we are about to start and we have even tried to solve the financial problems. This is because we have the problem of having to hire consulting engineers.

    READ: $2 billion Kano-Maradi rail would be completed in 36 months – FG

    “The ones we are about to start include Ibadan to Kano, we are waiting for funds from China. We are about to start Port Harcourt to Maiduguri, we are waiting for the cabinet to approve consulting shares. We are also to start the Kano-Maradi and Lagos to Calabar.

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    “But one thing that is unique about these contracts is that the president early enough directed that all rail lines must stagnate at the seaports.

    “That is why there may be a bit of adjustment in the pricing of Kano-Maradi because we have to adjust it to link up to Kano-Lagos so that it can terminate at Lagos seaport.’’

    The Minister pointed out that the 185.5km Lagos-Ibadan double standard gauge line with extension to Apapa seaport was nearing completion, while the 186km Abuja-Kaduna and 302km Warri-Itakpe standard gauge lines had been completed and were functional.

    READ: FG urges contractors to complete Ebute Meta–Apapa seaports railway extension by January 2021

    What this means

    • The various rail line projects are part of the ambitious plan by the Federal Government to create a nationwide rail network that is intended to help in the country’s diversification efforts, away from crude oil.
    • Some of these rail projects will also help to decongest the Apapa ports in Lagos and serve as a route for the import and export of goods in the West African sub-region.

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    Business

    Customs Tin-Can Island Command generates N112.7 billion in Q1 2021

    This is a N21.1 billion increase in revenue compared to a revenue of N91.6 billion in Q1 2020.

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    The Nigerian Customs Service revealed that its Tin-Can Island Command has a first-quarter revenue of N112.7 billion in 2021. This is a N21.1 billion increase in revenue compared to a revenue of N91.6 billion in Q1 2020.

    This was disclosed by Mr Mba Musa, Customs Area Controller, in a statement on Friday.

    “The comparative analysis of quarter one revenue collection from 2018 to 2021 are as follows: in 2018, N76,789,721,107.42; in 2019, N78,857,106,168.27; and in 2020, N91,635,998,490.73,” the customs boss said.

    READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

    “This improvement is despite the twin threat to lives and livelihood posed by the COVID-19 pandemic. The command has inspired their officers to continue to work hard while observing all the safety measures to achieve the best of performance.

    “We kept our lines of communication open and concerted effort was made to ensure that the supply chain is not disrupted,” he added.

    READ MORE: Customs officers must declare their assets annually – Customs boss

    What you should know: The Nigeria Customs Service (NCS) generated a revenue of N1.5 trillion for the year 2020, a rise compared to N1.3 trillion in 2019.

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