CBN Advises Nigerians on Ways to Deal With Fraudulent Financial Dealings, Reports Scammers

• The CBN has warned Nigerians to beware of fraudsters posing as representatives of the bank, offering fake contracts, loans, and grants.
• Despite a previous alert in November 2024, these fraudulent activities have continued, with the CBN stressing it does not authorise intermediaries
• The CBN reiterated its dedication to protecting Nigerians' financial interests while working with security agencies to fight fraud

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

In offers of contracts, loans, grants, and intervention funds, the Central Bank of Nigeria (CBN) has warned Nigerians to be wary of dishonest individuals and organisations posing as the country’s apex bank.

Despite an earlier alert issued on 18 November 2024, the fraudulent activities have persisted, according to a statement released on Tuesday by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN.

“The attention of the Central Bank of Nigeria (CBN) 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 reads.

“These actors continue to circulate fictitious offers of contracts, loans, grants, intervention funds, and other financial benefits allegedly issued or endorsed by the CBN.”

The CBN stated that it has not authorised, licensed, or designated any person, group, or organisation to act as an intermediary for such financial offers.

According to the financial authority, it does not award contracts or disburse funds through unsolicited communications such as social media, WhatsApp, SMS, emails, or phone calls.

Additionally, the regulator clarified that it does not request any form of payment in exchange for financial benefits.

“If you are approached by individuals or entities making such claims, we strongly advise that you do not engage with them,” the CBN added.

“Instead, such incidents should be reported immediately to the relevant law enforcement agencies or the nearest CBN branch.”

As it continues to collaborate with security agencies to combat fraud, the CBN reaffirmed its commitment to safeguarding Nigerians’ financial interests.

The Central Bank of Nigeria (CBN) has cautioned Nigerians against falling victim to fraudsters falsely claiming to have secured contract awards from the bank.

In a public notice signed by its acting director of corporate communications, Hakama Sidi Ali, the CBN clarified that such claims are false and described them as ploys to defraud unsuspecting Nigerians.

The statement stressed that the CBN had discontinued direct development interventions and special project funding, aligning with its management's current strategic priorities.

CBN added that its primary focus is on ensuring monetary and price stability and maintaining a sound financial system in Nigeria.

CBN set to introduce compliance department

Legit.ng reported that a new compliance department will be established within the apex bank by the end of February, according to announcements made by Olayemi Cardoso, governor of the Central Bank of Nigeria.

Cardoso revealed this on Thursday, January 23rd when he gave the keynote speech at the Nigerian Economic Summit Group's 2025 macroeconomic forecast launch.

The CBN governor added that the introduction of a foreign exchange code would guarantee that the market functions in a fair and open manner by giving clear instructions on what is expected of market participants.

Source: Legit.ng