The  Central Bank of Nigeria (CBN) has reacted to fraudulent messages and videos circulating on social media circles requesting unsuspecting loan seekers and owners of small-scale businesses to apply for loans or investment schemes purportedly facilitated by it.

According to a released statement signed by the Bank’s Ag. Head, Corporate Communication, Osita Nwanisobi, he reiterated that CBN, indeed, has several development finance intervention programmes from which different categories of businesses have benefitted (and still benefitting), and it DOES  NOT do so through direct interaction with prospective applicants.

Nwanisobi added that there are clearly spelt out procedures for accessing CBN intervention funds, which are disbursed through Participating Financial Institutions (PFls), such as Deposit Money Banks (DMBs), Development Finance Institutions (DFls), and Microfinance Banks (MFBs).  While stressing also that TimeBank does not facilitate investment schemes.

”Members of the public, particularly youth and owners of small-scale businesses, are therefore advised to disregard any video or text message proposing investment schemes or charging them fees on the pretext that their organisations are endorsed by the CBN and therefore would guarantee easy access to CBN loans.

”These videos and massages are fraudulent and anyone who enters into correspondence with those behind them does so at his or leer own risk. The CBN has neither appointed nor accredited any organization to serve as an agent on its behalf for the purpose of investment or applying for intervention loans.” Nwanisobi said.

Continuing Nwanisobi stated that prospective applicants are advised to approach their respective banks, NIRSAL Micro-Finance Bank or the Central Bank of Nigeria (CBN) branch nearest to them for clarification on the procedure for accessing any of the CBN-related facility.

”The Public is also advised to contact the Central Bank of Nigeria (CBN) on 07002255226 or send an email to [email protected] for any further clarification.” He confirmed.

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