CBN Denies Approving Fake $46bn Grant For Empowerment
- The CBN called out a document circulating online that claimed Governor Yemi Cardoso approved a $46 billion developmental grant
- The purported letter, dated August 13, 2026, bore Cardoso's name and authorised an immediate transfer to the ATUFEG Empowerment and Development Centre
- CBN shared an image of the document on its official X account alongside a warning for the public
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Central Bank of Nigeria (CBN) has rejected a document circulating on social media that claimed Governor Yemi Cardoso had approved a $46 billion developmental grant to a private organisation.
In a post on its official X account on Thursday, the apex bank described the document as "fake" and told the public to disregard it entirely.
Source: Getty Images
The CBN wrote:
"This content is FAKE. Let the public be guided"
The bank shared an image of the letter alongside the warning.
What the fake document claimed
The letter, dated August 13, 2026, was addressed to the ATUFEG Empowerment and Development Centre and referenced as GOV/END/2026/00050.
It purported to come from the CBN Governor's Office in Abuja and claimed that $46 billion had been endorsed for immediate transfer to the organisation's designated account for use in "approved national empowerment and developmental projects."
The document also stated that the approval was "final and binding" and appeared to carry Cardoso's name and signature.
It included personal and banking-related identification details linked to the named beneficiary.
Pattern of fake corporate documents
The CBN's denial follows a series of similar incidents in which major Nigerian organisations have had to publicly distance themselves from documents and posts circulating without authorisation.
Source: Twitter
Companies including OPay Digital Services Limited, May & Baker, MTN, and Wema Bank have all been forced to issue disclaimers after fake corporate messages spread in their names on social media, PremuimTimes report.
On the same Thursday the CBN issued its warning, the Nigeria Police Force National Cybercrime Centre announced the arrest of Hafsat Abubakar for spreading false claims about an OPay shutdown.
Earlier in July, an investigation revealed that fraudulent video advertisements on TikTok, some generated using artificial intelligence, were being used to lure Nigerians with fake promises of grants, loans, giveaways, and investment opportunities.
The CBN has urged members of the public to verify any claims linked to the bank through its official channels before taking action.
CBN breaks silence on 'fake agency bank accounts'
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has told a House of Representatives investigative committee that two foreign currency accounts created for the controversial Presidential Foreign Investment Promotion Council (PFIPC) have recorded zero transactions since they were opened.
The CBN's Director of Banking Services, Hamisu Ibrahim, appeared before the House Ad-hoc Committee on Monday and said the bank opened a United States dollar account and a British pounds sterling account for the council after receiving a formal mandate from the Office of the Accountant-General of the Federation (OAGF) on July 30, 2025, following a request dated July 29, 2025.
Source: Legit.ng
