August 2, 2021

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CBN Warns Business Owners Against Loans Through the Social Media

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Godwin Emefiele, Governor, Central Bank of Nigeria, CBN.

The Central Bank of Nigeria (CBN) has cautioned business owners against very tempting, and extremely liberal but fraudulent loan offers, especially through Social media.

CBN through a media statement signed by Mr Osita Nwanisobi, Acting Director, Corporate Communications, said the apex bank was aware that some fraudulent individuals send messages for such offers, especially through social media.

He said that such messages requesting unsuspecting loan seekers and small business owners to apply for loans or investment purportedly facilitated by the CBN were fraudulent.


The statement said, “the attention of the CBN has again been drawn to fraudulent messages and videos, especially in the social media requesting unsuspecting loan seekers and owners of small-scale businesses to apply for loans or investment schemes purportedly facilitated by the bank”.

He said although the CBN had several development finance intervention programs, it does not interact directly with prospective applicants.

Nwanisobi in the statement volunteered thus, “For the avoidance of doubts, there are clearly spelled out procedures for accessing CBN’s intervention funds which are disbursed through Participating Financial Institutions, Development Finance Institutions, and Microfinance Banks”.

He however added that CBN does not facilitate investment schemes but urged “Members of the public, particularly youths and owners of small-scale businesses, are therefore advised to disregard any video or text messages proposing investment schemes or charging them fees on the pretext that their organizations are endorsed by the CBN,’’ Nwanisobi said.


Moreover, the apex bank’s Corporate Communications Director advised prospective applicants for CBN’s intervention schemes to approach their respective commercial banks, NIRSAL Microfinance Banks or branches of the apex bank nearest to them.

Members of the public and especially small, micro, and medium enterprises, were urged to contact CBN hotline – 0700255226 or email – contactcbn@cbn.gov.ng for further clarification.

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