The Central Bank of Nigeria has sternly warned Nigerians, especially small and medium scale business owners to beware of fraudulent loan offers being circulated over the social media purportedly coming from the CBN.
In a statement issued by Isaac Okoroafor, Director of Corporate Communications at the CBN on Monday, the 26th of August, 2019, the apex said loans issued by the Central Bank of Nigeria are done through deposit money banks, development finance institutions and microfinance banks and NOT informal platforms such as the social media.
The Statement from the Central Bank of Nigeria Reads:
“The attention of the Central Bank of Nigeria (CBN) has been drawn to fraudulent
messages in the social media circles requesting unsuspecting loan seekers and
owners of small-scale businesses to apply for loans provided by the Federal
Government through an e-mail address (email@example.com)
purportedly being handled by the Central Bank of Nigeria (CBN).
While the CBN, indeed, has several development finance intervention
programmes from which different categories of businesses have benefited (and
still benefit), the Bank DOES NOT do so through direct interaction with
For the avoidance of doubt, there are clearly spelt out procedures for accessing
CBN intervention funds, which are disbursed through Participating Financial
Institutions (PFIs), such as Deposit Money Banks (DMBs), Development Finance
Institutions (DFIs) and Microfinance Banks (MFBs).
Members of the public, particularly youth and owners of small-scale businesses,
are therefore advised to disregard any message requesting them to send their
personal details, including mobile phone numbers, to emails such as
firstname.lastname@example.org or any other one that may be contrived.
These messages are fake and anyone who enters into correspondence with them does
so at his or her own risk.
Prospective applicants are advised to approach their respective banks or the
Central Bank of Nigeria (CBN) branch nearest to them for clarification on the
procedure for accessing any of the CBN-related loans.”
Therefore, please give no heed to any such information. Any authentic CBN Intervention Funding such as the CBN Creative Industries Finance Initiative will always be published on Entrepreneurs’ Square and a link provided to the Central Bank of Nigeria’s Website.
Visit the Business Funding Section of our website to learn more about the available business funding opportunities for African Entrepreneurs.