CBN Raises Alarm About Fake Contract Award, Fraudulent Schemes

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  • CBN has warned Nigerians about fake contracts and financial schemes, advising verification and reporting of fraud
  • The Bank clearly stated that it has discontinued direct development interventions and special project funding
  • The apex banks encouraged Nigerians to remain vigilant and report suspicious activities to law enforcement agencies

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Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Central Bank of Nigeria (CBN) has cautioned Nigerians against falling victim to fraudsters falsely claiming to have secured contract awards from the bank.

In a public notice signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, the CBN clarified that such claims are entirely false, describing them as ploys to defraud unsuspecting Nigerians.

The CBN has asked Nigerians to protect banking information Photo credit: Pius Utomi EkpeiSource: Getty Images

The statement stressed that the CBN has discontinued direct development interventions and special project funding, aligning with its management's current strategic priorities.

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Part of the statement reads:

The Central Bank of Nigeria (CBN) wishes to alert members of the public to the activities of fraudsters purporting to be in receipt of award letters of contracts related to construction works and special financial interventions on behalf of the Bank.

CBN added that its primary focus is on ensuring monetary and price stability and maintaining a sound financial system in Nigeria.

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

The statement continued:

“We wish to clarify that this is false. These individuals are solely motivated by the desire to defraud unsuspecting Nigerians. Any such assertions are fraudulent and should be disregarded.
“The Bank hereby reiterates that, in line with the focus of its current management, it has discontinued direct development interventions and special projects funding.
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“Furthermore, CBN has not authorised public notices for such interventions on social media platforms or any other news outlet.
“The CBN remains committed to its core mandate of ensuring monetary and price stability, and a sound and efficient financial system in Nigeria."

The bank also advised to report suspicious activities to law enforcement agencies promptly, Vanguard reports.

CBN added:

“We, therefore, encourage the public to remain vigilant and promptly report any suspicious activities or publications to the relevant law enforcement agencies. Please be guided accordingly.”

10 banks with highest customer deposits in 2024

Earlier, Legit.ng reported that Nigerian commercial banks have recorded an increase in customer deposits so far in 2024 despite the economic situation

United Bank for Africa leads the list, followed by Access Holdings, the parent company of Access Bank.

The CBN has consistently assured Nigerians that banks are safe and funds in customers' accounts are fully secured.