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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.”

Specta

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.

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

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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]

7 Comments

7 Comments

  1. Polycarp n mmaduakor

    October 9, 2020 at 6:42 am

    Thanks chike for your research and response to help impoverished people of Nigeria

  2. Olusegun AA Odutola

    October 9, 2020 at 11:33 am

    Hoooom!we don’t know who is at fault whether is the government or central bank of Nigeria, if government of Nigeria and CBN had followup the financial and monitory policies the scammers could have not so much influence on the society, but we live in a corrupt society, government and their officials are corrupt and decay,even if government meant well for the people the so called civil servants evil servants will not let it work, since January government and CBN had being shouting and crying, palliative this, palliative that,agric loans etc,how many applicants have access to this facility up to day,government, CBN,Commercial banks has fail us that is why people patronise these micro finance houses and scammers.

  3. Sanusi Hammadu

    October 9, 2020 at 4:39 pm

    There’s this organization “Wallet Credit” which gave loans with 100% interest charged on Principal amount. Is there any loan paid in one year with this high interest?

  4. Lekan lawal

    October 9, 2020 at 5:10 pm

    I will like to know more

  5. Joseph Okorie

    October 11, 2020 at 1:34 am

    Thanks for the information. Please is there anything like online loan, where you acquire loan through your handset without collateral. If there is, which is real? Thanks

  6. Idowu Taiwo

    October 12, 2020 at 5:21 pm

    Taking loan from bank is even worse because they won’t allow you to pay off if you have the money and their interest is nothing to write home about.

  7. Mubarak

    October 18, 2020 at 6:20 pm

    I want to get the money

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Business

Presidency reacts to claims of offering N100 billion to Miyetti Allah

The Presidency has dismissed reports in the media that it offered the sum of N100 billion to the Miyetti Allah.

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The Presidency has debunked claims making rounds in the media that the Federal Government offered the sum of N100 billion to the Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN).

The reaction is coming against the backdrop of the media war going on between the Presidency and the Ondo State Government over the quit order on Miyetti Allah.

The denial was made by the Senior Special Assistant to the President, Garba Shehu while appearing on a Television Programme on Channels Television, who said no such amount was given to appease the association over the reported killing by some herdsmen.

READ: Nigeria spends N29 trillion on recurrent (non-debt) expenditure in last 10 years

What Garba Shehu is saying

Garba Shehu, when asked if the Federal Government offered N100 billion to the association, said, “That is an absolute falsehood. In all of those meetings, I have confirmed that in any of those meetings nothing like money was discussed. All of the issues were about the involvement of the leadership of this group in getting them to prevail upon their erring members and they are many. How do they assist the administration to recover weapons that are widely owned by these elements?’’

Specta

According to Shehu, the existence of some miscreants in a group does not entirely mean the entire members of the association are criminals.

READ: FG commences mop-up verification exercise for ex-workers of Nigeria Airways Limited

He noted that Miyetti Allah is a cultural group just like the Afenifere associated with the Yorubas and the Ohaneze Ndigbo of the southeast.

He said, “The Miyetti Allah group is like Ohanaeze Ndigbo or the Afenifere. It’s just a cultural group. There are criminals with the Yoruba race and you cannot say because there are Yoruba criminals, then Afenifere is a band of criminals.’’

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READ; FG gives reasons for sale of government assets to fund 2021 budget

What you should know

  • It can be recalled that the crisis between the Fulani herdsmen and some parts of the country came to the fore once again following the 7-day quit notice by Ondo State Governor, Rotimi Akeredolu, for herdsmen to vacate forest reserve area to curb the spate of kidnappings in the state allegedly committed by criminals hiding in the forest.
  • However, in their reaction, the Presidency cautioned the Governor against the action saying that the herders cannot be pushed out of the reserve for any reason. They said the governor does not have any constitutional powers to ask anybody to leave the state.
  • The Presidency’s reaction has drawn widespread criticisms from some lawyers and social-cultural groups like the Afenifere, Coalition of Oduduwa Elders, Southern and Middle Belt Leaders Forum, who have expressed support for the Ondo State Governor.

READ: FG proposes tax incentives for companies that donated to Covid-19 relief fund

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Access Bank rejects Appeal Court’s suspension of injunction against Seplat, approaches Supreme Court

Access Bank has expressed its displeasure over the ruling by the Court of Appeal which lifted the Mareva injunction against Seplat Petroleum.

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Access Bank Plc has filed a Notice of Appeal at the Supreme Court, objecting to the suspension of the interim Mareva injunction on the assets of Seplat Petroleum Development Company, by the Appeal Court.

Nairametrics had earlier reported that the Court of Appeal had suspended the Mareva injunction, and subsequently ordered the opening of Seplat’s corporate offices.

READ: NNPC to pay BCE $22.6 million over failed contract 

Nairametrics reported that Access Bank Plc had obtained the Mareva injunction through an Ex-Parte order dated November 13, 2020 to seal offices and freeze the accounts of Seplat, over the indebtedness of Cardinal Drilling Services, a company which Access Bank believes is partly owned by Seplat’s boss, Mr ABC Orjiakor.

After some months of being under lock and keys, respite came the way of Seplat Petroleum on January 22, 2021 when Hon. Justice Ikyegh of the Appeal Court lifted the interim order on Seplat Petroleum assets, pending the determination of the appeal filed by Seplat.

Specta

READ: Innoson boss reacts to arrest warrant, says order is an abuse of process taken so far

Access Bank’s reaction to the ruling

  • Expressing dissatisfaction over the ruling by the appeal court, Access Bank, through its Solicitors, Kunle Ogunba and Associates maintained that the learned justices of the court erred in law through the suspension of the interlocutory orders made by the trial judge at the Federal High Court. The solicitors regarded the outcome as an abuse of court process filed to interfere with the due administration of justice.
  • The bank in an affidavit maintained that “by discharging the said interlocutory orders, the Lower Court had unwittingly (via a motion) determined the main Appeal which seeks to also discharge the interlocutory orders made by the trial court.”
  • The bank is praying that the Supreme Court reinstate the interlocutory orders made by the Trial Court on December 24, 2020, thereby overriding the judgement of the Appeal court en route.
  • In the same vein, the Bank is also seeking a court order restraining the defendants, that is Seplat, Cardinal Drilling Services Ltd, Mr. Orjiako, Ambrose Bryant, Kalu Nwosu and/or any other person acting through them from taking further steps towards enforcing, executing or giving any effect to the ruling/order of the Court of Appeal pending the hearing and final determination of the appeal it has filed at the Supreme Court.

READ: Access Bank unveils SWIFTPAY, digital payment platform for SMEs

Flashback:

  • Recall that Nairametrics reported some months ago that Access Bank obtained an Ex-Parte Order dated November 13th, 2020, to seal the assets of Seplat over debt owed by Cardinal Drilling Services Limited.
  • The bank also obtained a Mareva injunction freezing the accounts of Seplat in Nigeria and abroad.
  • Seplat had appealed the December 24, 2020 decision of the Federal High Court granting injunctions that, among others, resulted in the sealing of its corporate offices in Lagos.
  • The Federal High Court had earlier turned down an application by Seplat to access its accounts and offices which were earlier shut down by a Mareva injunction obtained by Access Bank against it.
  • Access Bank is understood to be grappling with a string of bad loans issued under the defunct Diamond Bank and is now stepping up efforts to go after some of the debtors by obtaining several court orders to seize properties.

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Business

Digital transformations and AfCFTA as critical imperatives for the rebound of African economies

Digital transformations as well as AfCFTA are considered necessary for the fast recovery of the African economies.

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Leveraging technology to drive government agenda is a must to keep up with changing times - Tolu Ogunlesi, SA to the President on New Media, tech

Technological transformations through digitization as well as the African Continental Free Trade Agreement (AfCFTA) are considered as quite critical in supporting the fast recovery of the African economies.

This assertion is contained in the Foresight Africa 2021 report published by African Growth Initiatives of the Brookings Institution, a non-profit organization devoted to independent research and policy solutions.

According to the report:

  • ”Digital transformation is arguably Africa’s biggest opportunity arising from the crisis.
  • “During the pandemic, the continent has accelerated its adoption of ICTs: lockdown conditions have pushed many sectors to raise their online presence and expand their range of digital services, with developments that would ordinarily take years compressed into several months.
  • “Significant opportunities remain for digital acceleration in key sectors, particularly government, education, retail trade, and finance.
  • The African Continental Free Trade Area (AfCFTA), which also holds promise for accelerating the region’s economies through economic integration and a shift in focus toward high-productivity industrial activities commenced trading on January 1, 2021.
  • “With the increased ease of intra-African trade, African businesses will be empowered to transform continent-wide needs into opportunities for entrepreneurship.”

What you should know

  • From the hard lessons of the COVID-19, African leaders should prioritize scaling up investments in the physical and technological infrastructures needed as impetus for radical digital transformations.
  • The workforce should be appropriately equipped with the requisite trainings to acquire relevant basic and advanced digital skills that would add values in their businesses, from mobile transactions to graphic design and coding, etc.
  • Leaders should also encourage digital practices on the small-scale in order to encourage widespread usage of digital tools, as in countries like Kenya and Rwanda that have lowered their transaction charges in digital payments towards boosting adoption.
  • Leaders should focus on policies and decisions that would have greater and long-lasting impacts, especially around technological adoption and effective implementation of the AfCFTA.

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