CBN exposes fake SWIFT messages, issues warning

The Central Bank of Nigeria (CBN) has uncovered a new fraudulent scheme involving fake SWIFT messages and has warned Nigerians and the public to be cautious of falling victim to scammers.

In a statement issued on Tuesday, CBN spokesperson Hakama Sidi Ali clarified that the bank does not offer correspondent banking services for Nigerian banks in foreign payments nor does it maintain accounts for private business entities.

The CBN also addressed the false claims circulating that foreign funds expected by private businesses were “trapped” in the bank. The central bank emphasized that these allegations are not only unfounded but also misleading.

“Recently, the CBN has been receiving reports from private entities, law firms, government agencies, and individuals alleging that foreign funds, supposedly transferred to them by foreign entities, have not been credited to their accounts with Nigerian banks. Some claim that these funds were withheld either by their Nigerian bank or by the CBN and request the bank’s assistance in releasing them. These requests are often supported by fake documents such as SWIFT MT103 and SWIFT ACK copies,” the statement read.

The CBN stressed that such SWIFT documents are unreliable and cannot be traced on the SWIFT platform. The funds in question have not been received, meaning no credit can be applied to the beneficiary’s account.

If a recipient’s bank denies receipt of a transfer, the CBN advised that the sender’s bank should be contacted directly to initiate a tracer to track and recall the funds. The CBN also made it clear that it does not maintain accounts for private businesses nor handle foreign payment services for Nigerian banks.

“Claims of foreign currency funds being trapped at the CBN for credit into private business accounts are entirely false and deceptive,” the statement concluded, urging the public to avoid interacting with fraudulent SWIFT messages and documents. The CBN warned that any bank customer found making fraudulent claims will be reported to law enforcement agencies for investigation and prosecution.

The CBN urged all citizens to remain vigilant and informed about such scams.