CBN Uncovers New Loan Scam Targeting SME’s Via Social Media 

Yemisi Izuora 


The Central Bank of Nigeria (CBN) has alerted the public especially Small Scale Business Operators and Youths to be wary of new means adopted by fraudsters to con loan seekers.

The Bank said the perpetrators of this act fraudulent messages in the social media circles requesting unsuspecting loan seekers and owners of small-scale businesses to apply for loans provided by the Federal Government through an e-mail address ( purportedly being handled by the Central Bank of Nigeria (CBN).

The CBN, while admitting that it has several development finance intervention programmes from which different categories of businesses have benefitted (and still benefit), nevertheless it does not do so through direct interaction with prospective applicants.

For sake of clarity, the Bank stated that there are clearly spelt out procedures for accessing CBN intervention funds, which are disbursed through Participating Financial Institutions (PFIs), such as Deposit Money Banks (DMBs), Development Finance Institutions (DFIs) and Microfinance Banks (MFBs).

It therefore advised the public, particularly youth and owners of small-scale businesses, to disregard any message requesting them to send their personal details, including mobile phone numbers, to emails such as or any other one that may be contrived, declaring the messages as fake and anyone who enters into correspondence with them does so at his or her own risk.

The Bank advised prospective applicants to approach their respective banks or the Central Bank of Nigeria (CBN) branch nearest to them for clarification on the procedure for accessing any of the CBN-related loans.    

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