Fraud Alert: CBN Issues New Public Warning

The Central Bank of Nigeria (CBN) has issued a warning over fraudulent activities by individuals claiming to possess contract award letters for construction projects or special financial interventions purportedly authorized by the apex bank.

In a statement released on Monday, November 18, 2024, the CBN’s Acting Director of Corporate Communications, Hakama Sidi-Ali, in the warning described these claims as baseless and designed to defraud unsuspecting Nigerians.

“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. 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,” Sidi-Ali stated.

The Bank emphasized that, under its current management, it has ceased all direct development interventions and project funding initiatives. Furthermore, it clarified that it has not authorized any announcements or notices related to such interventions on social media or other platforms.

Reaffirming its commitment to maintaining monetary and price stability alongside a robust financial system, the CBN encouraged the public to exercise caution and report any suspicious activities or publications to the relevant law enforcement agencies promptly.

This warning is part of the CBN’s efforts to protect Nigerians from rising fraudulent schemes and to ensure trust in the financial system.
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