Central Bank Warns Against Loan, Investment Scams

Friday, 9 October 2020

By Chuks Emele

The Central Bank of Nigeria warned members of the public to be wary of fraudulent loan or investment scheme being linked to the regulator.

“Fraudulent messages and videos in social media circles requesting unsuspecting loan seekers to apply for loans or investment schemes purportedly  facilitated by the (central) bank,” Osita Nwanisobi, CBN spokesman, said in a statement.

CBN tweet

 “Members of the public, particularly youth and owners of small-scale businesses, are therefore, advised to disregard” such propositions, he added.

While the central bank is currently involved in a number development and finance intervention programmer, none is conducted directly between the banking system regulator and applicants, according to the statement. Instead, they’re channeled through participating financial institutions, including banks and microfinance institutions. 

The regulator also doesn’t facilitate investment projects, Nwanisobi said in the statement.