CBN alerts Nigerians on fraudulent contracts and financial intervention schemes 

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

The Bank emphasized that it has discontinued direct development interventions and special project funding, in line with the focus of its current management.

“CBN has not authorised public notices for such interventions on social media platforms or any other news outlet. Any such assertions are fraudulent and should be disregarded,” the statement read.

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

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

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

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

“Harm yourself with knowledge and exercise caution when carrying out transactions on e-commerce sites and even with mobile money agents. 

“If you’re a POS operator, scammers may target you with chargeback fraud. They make a successful transaction and then falsely claim it wasn’t authorized or that you debited the wrong amount. 

“Don’t let them get away with it. Pay attention to your customers and contest any fraudulent claims within the 48-hour window provided by banks.” 

It also urged PoS business owners to pay attention to their customers as some may change the amount they want to withdraw when they handle the POS to input their PIN.