The Central Bank of Nigeria (CBN) has issued a strong public warning, cautioning Nigerians to be wary of fraudulent individuals and groups peddling fake contracts, financial grants, and loans under the guise of endorsements or approvals from the apex bank. The alert, released on Monday, comes amid a growing wave of financial scams targeting unsuspecting citizens and business operators.
In the official statement signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi-Ali, the CBN reiterated that it has not authorized, licensed, or partnered with any individual or organization to act as an intermediary in offering financial benefits, including contracts, grants, loans, or intervention funds to the public.
“The attention of the Central Bank of Nigeria has been drawn once again to the activities of individuals and groups falsely claiming to represent or act on behalf of the CBN,” the statement read. “These actors continue to circulate fictitious offers of contracts, loans, grants, intervention funds, and other financial benefits allegedly issued or endorsed by the CBN.”
Despite an earlier public advisory issued on November 18, 2024, the apex bank notes that these fraudulent schemes have persisted, indicating a well-organized effort to exploit the financial aspirations of the public through emails, phone calls, SMS, and social media platforms like WhatsApp.
The CBN stressed that it neither awards contracts nor disburses any form of funds through unsolicited communication. “The Central Bank of Nigeria does not request payment of any fees in exchange for such benefits,” the bank clarified. “It also does not engage third-party agents to offer or promise access to financial services or government interventions.”
Mrs. Sidi-Ali further advised Nigerians to exercise extreme caution and to avoid engaging with any such individuals or groups. She encouraged victims or targets of these scams to report incidents to law enforcement agencies or visit the nearest CBN branch for verification.
Financial scams remain a serious threat to economic security in Nigeria, particularly with the increasing reliance on digital communication and e-banking platforms. According to cybersecurity experts, scammers have become more sophisticated in their tactics, often impersonating government bodies like the CBN to legitimize their offers.
In recent months, many Nigerians have reported receiving fake loan approvals, contract awards, or grant notifications requiring “processing fees” or “security deposits” to access fictitious benefits. These scams not only result in financial loss but also erode public trust in legitimate financial institutions.
In light of these developments, the apex bank reaffirmed its commitment to protecting the financial integrity of Nigerians. Mrs. Sidi-Ali stated that the CBN is working closely with security agencies and financial regulators to investigate ongoing cases and prosecute fraudsters involved in these schemes.
She added that the bank remains focused on promoting transparent financial practices and will continue to educate the public on how to detect and report suspicious financial dealings.
To protect themselves, members of the public are urged to verify the authenticity of any financial offers allegedly coming from the CBN. Legitimate CBN communications are usually channeled through its official website (www.cbn.gov.ng), official press releases, or authorized spokespeople. The bank emphasized that any claims made via unofficial digital platforms should be treated with suspicion.
As Nigeria continues to expand its financial inclusion drive, the threat of fraudulent schemes poses a real danger to both individuals and small businesses. The CBN’s latest warning serves as a reminder for Nigerians to stay alert, verify information before responding, and report any suspicious activities to relevant authorities.