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.

Other News

“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.

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.