CBEX: CBN Warns Against False Contracts, Intervention Funds, Fake Loans Circulating on Social Media

• The Central Bank of Nigeria (CBN) has raised an alarm over fake contracts, financial grants and intervention funds
• In a recent statement, the bank asked Nigerians to disregard messages by individuals or groups claiming to represent it
• The financial regulator stated that it did not authorise, license, or appoint any person, group, or organisation to act as its agent or intermediary

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Central Bank of Nigeria (CBN) has raised an alarm on fake contracts and purported intervention funds, financial grants said to come from the bank.

The bank disclosed this in a statement on Monday, May 12, 2025, asking the public to disregard such claims.

CBN raises an alarm over fake contracts

In a statement signed by its acting director of communications, Hakama Sidi Ali, the bank said its attention has been drawn to the activities of individuals and groups falsely claiming to represent or act on its behalf.

The bank referred Nigerians to an earlier notice on November 18, 2024.

According to the apex bank, these actors continue to circulate fake contract offers, loans, grants, intervention funds, and other financial benefits purportedly endorsed by the bank.

It disclosed that the misleading schemes have continued, targeting unsuspecting Nigerians with false and deceptive messages.

The financial sector regulator said it did not authorise, license, or appoint any person, group, or organisation as its agent or intermediary to offer contracts, grants, or intervention funds.

CBN says it does not charge fees for contracts

“The CBN also does not endorse or support such claims in any form. Members of the public are advised that the Central Bank of Nigeria (CBN) does not award contracts or disburse funds through unsolicited communications such as emails, phone calls, SMS, WhatsApp, or any social media platform,” the statement said.

Also, CBN said it does not request fee payment in exchange for contracts, grants, or financial interventions, nor does it engage any person or third parties in financial services or opportunities to Nigerians.

CBN asked Nigerians to disregard individuals or entities making such claims, saying that the public should report such claims to the relevant law enforcement agencies or the nearest CBN branch.

Coming after the recently collapsed Ponzi scheme, CBEX, CBN's warnings throw light on the activities of scammers desperate for quick gain.

Investors of the collapsed company were affected, and several investors lost their life savings through the Ponzi platform.

SEC identifies another potential Ponzi scheme

Legit.ng earlier reported that the Nigerian Securities and Exchange Commission (SEC) has alerted citizens, warning against Property World Africa Network (PWAN), also known as PWAN MAX.

The SEC described the company’s investment drive and solicitation as illegal and potentially fraudulent.

The capital market regulator disclosed in a statement that PWAN and PWAN MAX were unregistered with the commission and lacked the legal right to solicit funds from the public or operate in any capacity in the Nigerian capital market.

Proofreading by Nkem Ikeke, copy editor at Legit.ng.

Source: Legit.ng