Is FG Giving Out Loans To Small-Scale Businesses Via CBN?
Governor of CBN, Godwin Emefiele/NAN/Concise

The Central Bank of Nigeria (CBN) has denied reports that it is giving out loans to small-scale businesses, Concise News reports.

This news medium understands that there have been messages flying around on social media that the Federal Government via the CBN is calling on small businesses to apply for loans.

Advertise With Us

According to the fraudulent message, loan seekers are to access such opportunity through an e-mail address ( handled by the apex bank.

But the CBN in a statement on Monday, described the reports as untrue, saying it does not  interface directly with prospective applicants.

“While the CBN, indeed, has several development finance intervention programmes from which different categories of businesses have benefited (and still benefit), the Bank DOES NOT do so through direct interaction with prospective applicants,” the CBN noted.

“For the avoidance of doubt, 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 Micro-finance Banks (MFBs).”

It warned: “Members of the public, particularly youth and owners of small-scale businesses, are therefore advised 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.

“These messages are fake and anyone who enters into correspondence with them does so at his or her own risk.

“Prospective applicants are advised 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.”