CBN warns Nigerians about fraudulent contracts, financial intervention schemes

The Central Bank of Nigeria (CBN) has issued a public notice warning Nigerians about the activities of fraudsters falsely claiming to hold contract award letters related to construction projects and special financial interventions purportedly issued by the Bank.

In a statement signed by Ag. The Director of Corporate Communications, Hakama Sidi Ali, of the CBN, has clarified that the claims are entirely false and aimed at defrauding unsuspecting Nigerians.

The Bank stressed that it has ended direct development interventions and financing of special projects, in line with the direction of its current management.

“CBN has not authorized public notices for such interventions on social media platforms or any other media. Such claims are fraudulent and should be ignored. » reads the statement.

Main objective of the mandate

The CBN reaffirmed its commitment to its core mandate, which includes ensuring monetary and price stability and maintaining a strong and efficient financial system in Nigeria.

• The Bank urged Nigerians to remain vigilant and report any suspicious activities or posts to the relevant law enforcement agencies.

• The CBN encouraged citizens to exercise caution and verify information before engaging with entities claiming to represent the Bank.

• The bank also advised promptly reporting suspicious activities to law enforcement.

What you need to know

The CBN’s warning comes as fraudulent schemes targeting individuals and businesses in Nigeria continue to surge.

• Beyond fraudulent schemes, personal and business accounts have also been targeted by fraudsters who prey on unsuspecting bank users to wipe out their funds.

• This development has prompted the CBN and the Bankers Committee to join forces to combat this menace by embarking on a series of campaigns highlighting some of the common and emerging scams to create awareness among Nigerians.

In one of the recently published campaigns, the bank warned:

“As a hardworking individual, it is your responsibility to stay on top of new updates that scammers are using to steal money from unsuspecting victims.

“Be careful with your knowledge and be careful when transacting on e-commerce sites and even with mobile money agents.

“If you are a POS operator, fraudsters can target you with chargeback fraud. They make a successful transaction and then falsely claim it wasn’t authorized or that you charged the wrong amount.

“Don’t let them get away with this. Be attentive to your customers and dispute any fraudulent claims within the 48-hour period provided by the banks.

He also urged POS business owners to pay attention to their customers as some may change the amount they want to withdraw when they manipulate the POS to enter their PIN.