The Central Bank of Nigeria (CBN) has warned the general public to be cautious of fraudulent ‘Swift’ messages and unsubstantiated claims regarding foreign currency transfers allegedly withheld by Nigerian banks or the apex bank itself.
The warning follows a surge in petitions from private individuals, law firms, government agencies, and private entities claiming that foreign currency funds sent to their accounts by foreign entities have not been credited.
In a statement signed by Hakama Sidi Ali, acting director of corporate communications, these claims are often accompanied by fake documents such as SWIFT MT103 and SWIFT acknowledgement (ACK) copies, purportedly as proof of remittance.
The bank also stated its readiness to involve law enforcement agencies to investigate and prosecute individuals making illegitimate allegations.
The CBN described these documents as unreliable, emphasising that they cannot be traced on the Swift platform. “The funds referenced in these claims have not been received by the beneficiary banks, making their application to the beneficiaries’ accounts impossible,” the statement read.
The apex bank clarified the standard procedure for addressing issues of non-receipt of funds, advising that the sender, rather than escalating the matter to the CBN or law enforcement agencies, should request the sending bank to trace the funds through a formal tracer process.
Ali categorically dismissed claims that the CBN provides correspondent banking services or maintains accounts for private business entities.
“For the avoidance of doubt, the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities. Consequently, the claim that alleged inflows are trapped within the CBN is both spurious and deceitful,” she said.
The bank urged Nigerians to remain vigilant, warning that any individual or organisation found making unfounded and illegitimate claims would face severe legal consequences.