CBN warns against fake ‘swift’ messages

This alert comes in response to an increase in complaints from individuals, law firms, government agencies, and private organizations alleging that foreign currency funds sent to their accounts by overseas entities have not been credited.

In a statement signed by Hakama Sidi Ali, the acting director of corporate communications, the CBN noted that these claims are often accompanied by fake documents, such as SWIFT MT103 and SWIFT acknowledgment (ACK) copies, which are presented as proof of remittance.

The bank also expressed its willingness to involve law enforcement agencies to investigate and prosecute individuals making false allegations.

The CBN characterized these documents as unreliable, stating that they cannot be traced on the Swift platform.

“The funds mentioned in these claims have not been received by the beneficiary banks, making it impossible for them to be credited to the beneficiaries’ accounts,” the statement said.

The apex bank clarified the proper procedure for addressing issues related to non-receipt of funds, advising that the sender should request the sending bank to trace the funds through a formal tracer process rather than escalating the matter to the CBN or law enforcement.

Ali firmly rejected claims that the CBN offers correspondent banking services or maintains accounts for private businesses.

“To be clear, the CBN does not provide correspondent banking services for Nigerian banks in foreign transactions nor does it maintain accounts for private business entities. Therefore, any claim that alleged inflows are trapped within the CBN is both false and misleading,” she stated.

The bank urged Nigerians to stay vigilant, warning that anyone found making unfounded and illegitimate claims would face serious legal repercussions.