…Declares war on culprits
The Central Bank of Nigeria (CBN) has issued an important advisory to the public regarding an alarming rise in fraudulent claims involving fake SWIFT transfer documents.
The CBN Spokesperson, Mrs Hakama Sidi Ali, in a statement on Tuesday, noted that in recent weeks, the bank has received numerous reports from private businesses, individuals, law firms and government agencies alleging that foreign currency transfers sent to their Nigerian bank accounts have not been credited.
She noted that these claimants often cite the withholding of funds by Nigerian beneficiary banks or the CBN itself, submitting fake documents such as SWIFT MT103 and SWIFT acknowledgment copies as proof of the transfer.
The CBN, she added, has emphasised that these documents are not legitimate, stating that “the SWIFT messages provided by claimants are not traceable on the SWIFT platform and no funds have been received by Nigerian banks for application to the beneficiary’s account.”
The apex bank also clarified that the standard procedure for resolving such issues is for the sender to contact their own bank, which will initiate a tracer to track the funds, rather than escalating the matter to the CBN or law enforcement agencies.
This process is intended to locate the funds, track their status, and, if necessary, initiate a recall, rather than escalating the issue to the CBN or law enforcement authorities.
The CBN clarified that it is not involved in the process of handling or transferring funds between foreign entities and Nigerian banks.
In light of these developments, the CBN has strongly advised the public to be vigilant and cautious when confronted with unverified SWIFT documents or claims of undelivered foreign currency transfers.
The Bank has also warned that any individual or organisation found making fraudulent or illegitimate claims will be reported to law enforcement agencies for thorough investigation and prosecution. The CBN’s firm stance aims to protect the integrity of Nigeria’s financial system and ensure that such fraudulent activities do not undermine public trust in the country’s banking sector.
The apex bank urged Nigerians to see the advisory as a critical reminder to remain discerning in their financial transactions and to be wary of attempts to manipulate or exploit the banking system for fraudulent purposes. Analysts also noted that with the increasing global reliance on digital payment platforms and cross-border transactions, the need for vigilance against such scams has never been more crucial.