CBN Denies Fraudulent Loans, Investment Schemes Targeting SMEs, Loan Seekers

The Central Bank of Nigeria (CBN) has alerted Nigerians about fraudulent loan schemes that are targeting loan seekers in the country. Perpetrators of the fraudulent loan schemes are using videos and messages to lure Nigerians and defraud them.

In a statement released by the CBN, and seen by AllNews, it was disclosed that these videos and messages are being circulated through social media platforms. The fraudulent loan schemes target individuals and owners of small-scale businesses.

READ ALSO: Has Leadway Assurance Dug Grave Of Farmcrowdy, Farmsponsor, Groupfarma?

The CBN said while it has several loan programmes, the CBN won't directly approach individuals or prospective applicants to seek loan. The fraudsters are also promoting CBN investment schemes, but the CBN doesn't have or provide any investment schemes.

"For the avoidance of doubt, there are clearly spelt out procedures for access CBN intervention funds, which are disbursed through Participating Financial Institutions (PFIs), such as Deposit Money Banks (DMBs), Development Finance Institutions (DFIs) and Microfinance Banks (MFBs). The Bank also does not facilitate investment schemes.

"Members of the public, particularly youth and owners of small-scale businesses, are therefore advised to disregard any video or text message proposing investment schemes or cahrging them fees on the pretext that their organisations are endorsed by the CBN and therefore would guarantee easy access to CBN loans.

READ ALSO: CBN Moves To Sanction Airlines, Ships Over Breach Of Regulations

"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 organisation to serve as agent on its behalf for the purpose of investment or applying for intervention loans.

"Prospective applicants are therefore advised to approach their respective banks, NIRSAL Micro-Finance Bank or the Central Bank of Nigeria (CBN) branch nearest to them for clarification on the procedure for accessing any of the CBN-related facility." CBN said in the statement.

The public was also advised to contact CBN through its phone lines or email for clarification or information.