The Central Bank of Nigeria (CBN) has issued a public warning to Nigerians about fraudsters falsely claiming to possess award letters for construction contracts and special financial interventions purportedly issued by the bank.
The CBN makes it clear that these statements are untrue and meant to mislead the public in a statement signed by Hakama Sidi Ali, Acting Director of Corporate Communications. The bank highlights that as part of its current management approach, it has stopped directly participating in development interventions and sponsoring particular projects.
The statement reads: “CBN has not authorized public notices for such interventions on social media or through any other news outlets. Any such claims are fraudulent and should be ignored.”
Reaffirming Its Core Mandate
The CBN reaffirms its commitment to its primary role, which includes maintaining monetary and price stability, and ensuring a sound and efficient financial system in Nigeria. It urges Nigerians to remain cautious and report any suspicious activities to the relevant law enforcement authorities.
The bank also encourages the public to verify information before engaging with any individuals or entities claiming to represent it.
Rising Threat of Fraudulent Schemes
The warning comes as fraudsters continue to target individuals and businesses across Nigeria. In addition to fraudulent contract schemes, there is a rise in attacks on personal and business accounts, where criminals attempt to steal funds from unsuspecting bank customers.
In response, the CBN, in collaboration with the Bankers’ Committee, launches several awareness campaigns to educate Nigerians about common and emerging scams. One such campaign, recently published by the bank, advises the public to stay informed about the latest tactics used by fraudsters:
“As a diligent individual, it is your responsibility to stay updated on the methods scammers use to steal money from innocent victims. Protect yourself with knowledge and be cautious when making transactions on e-commerce sites or with mobile money agents.”
The bank also warns Point of Sale (POS) operators about chargeback fraud, where scammers make a legitimate transaction and later falsely claim it was unauthorized or that the wrong amount was debited. It urges POS operators to remain vigilant and contest any fraudulent claims within the 48-hour window provided by banks.
In addition, the CBN advises POS business owners to carefully monitor transactions, particularly when customers change the amount to withdraw while inputting their PIN.
Nigerians are timely reminded by the CBN’s admonition to be on the lookout for fraud and to use caution when making financial transactions.
