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CBN warns Nigerians over rising fraudulent foreign currency transfer claims
The Central Bank of Nigeria has raised the alarm over a growing trend of fraudulent foreign currency transfer claims, warning Nigerians to beware of falsified SWIFT documents being used to back such allegations.
In a statement on Tuesday signed by its Acting Director of Corporate Communications, Mrs Hakama Ali, the CBN advised the public to remain vigilant and avoid falling victim to fraudulent schemes involving fake SWIFT messages.
The apex bank disclosed that it has received a wave of complaints from private entities, individuals, law firms, and government agencies, claiming that foreign funds transferred to their accounts remain uncredited.
Many of these complaints, the bank noted, come with fake SWIFT MT103 forms and acknowledgement copies that cannot be verified on the SWIFT network, indicating that the alleged transfers never took place.
The statement said, “Recently, the Central Bank of Nigeria has been inundated with claims by private entities, individuals, law firms and government agencies that foreign currency funds allegedly transferred to them by foreign entities have yet to be credited to their accounts with Nigerian banks.
“In some instances, the claimants alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested the assistance of the bank towards releasing the funds to them. The requests are usually supported with fake documents such as SWIFT MT103, SWIFT Ack copy, etc.
“It has become imperative to state that the SWIFT ack copy and SWIFT MT103 that these claimants usually attach as evidence of remittance to beneficiary banks in Nigeria are not reliable. The SWIFT messages are always not traceable on the SWIFT platform, and the funds have not been received to enable their application to the beneficiary’s account.
“In a situation where a fund transfer beneficiary’s receiving bank claims non-receipt of funds remitted by the foreign entity (sending customer), instead of escalating such issue to CBN or Law Enforcement Agencies, the standard practice is for the sending customer to contact the sending bank to send a tracer to trace where the fund is hanging and recall it.”
Clarifying its position, the CBN stressed that it does not provide correspondent banking services for Nigerian banks nor hold accounts for private businesses.
The statement added, “For the avoidance of doubt, we wish to state emphatically that the CBN neither provides correspondent banking services for Nigerian banks in foreign payments nor maintains accounts for private business entities. Consequently, petitioners’ claim that the alleged expected inflows for onward credit into the accounts of private business entities are trapped in the CBN is not only spurious but deceitful.”
The bank urged individuals facing genuine cases of unreceived funds to follow standard procedures by contacting the sender’s bank to trace and recover the funds, rather than escalating the matter to the CBN or law enforcement.
It also warned against making unsubstantiated claims, stating that it would not hesitate to report such cases to the authorities for investigation and prosecution.
Ogun State Police Command last night re-arrested Ladi Adebutu, former governorship candidate of the Peoples Democratic Party (PDP).
His re-arrest was in connection with the disturbances that occurred during the local government elections in Iperu-Remo, Ikenne Local Government, last Saturday.
Adebutu’s re-arrest followed his recent release from the Department of State Services (DSS), where he had been interrogated on similar allegations.
At press time, Adebutu was in police custody.
He is accused of recruiting about 40 unauthorised police officers from Lagos and coordinating PDP thugs to disrupt the local government election.
After he was earlier released yesterday, he said: “At about 7am on Tuesday, November 19, I was released by the Department of State Services in Abeokuta, following an invitation to answer to spurious accusations arising from the November 16 local government election in Ogun State. My arrest and detention by DSS are meant to silence me.’’
The 24-member Edo State House of Assembly has approved Governor Monday Okpebholo’s request to appoint 20 special advisers, to enhance effective administration.
The approval followed a letter submitted by the Secretary to the State Government (SSG), Musa Ikhilor, seeking the house’s consent for the appointments.
The motion for the approval was moved by the Majority Leader, Charity Aiguobarueghian, seconded by the Minority Leader, Eric Okaka.
Aiguobarueghian cited Section 196 (2) of the 1999 Constitution (as amended), which granted the governor the authority to appoint special advisers.
The motion received unanimous support during a voice vote, clearing the way by the Chief Blessing Agbebaku-led House of Assembly for Okpebholo to proceed with the appointments.
The assembly also received a letter from the governor, nominating Emmanuel Okoebor as commissioner for Finance-designate, while requesting the lawmakers to confirm the appointment.
Governor Okpebholo yesterday kicked off construction of the first flyover at the popular Ramat Park, Benin, as part of efforts to reduce traffic congestion in the city.
Boko Haram/Islamic State’s West Africa Province terrorists have attacked troops at the Gubio Local Government area of Borno State, killing five.
Also, 10 soldiers were wounded and four are missing in action.
The troops, during the attack, also killed many of the terrorists.
In a statement on Tuesday, the Defence Headquarters confirmed the incident.
The Director, Defence Media Operations, Maj. Gen. Edward Buba, said the attack would not discourage the troops in the counter-terrorism operations in the state and beyond.
He said, “The coordinated attack saw five killed in action soldiers, 10 wounded, and four missing in action, while troops eliminated several terrorists as well as recovered weapons.
“Some equipment, including one gun truck, three TCVs, and an excavator, were burnt by the enemy forces.
“A reinforcement team with air components was dispatched to exploit the general area and the terrorists’ withdrawal route.
“However, it is pertinent to note that such an attack shall not deter the troops and armed forces of Nigeria from seeing the end of terrorism, insurgency, and other insecurity challenges facing the country.”
More trouble for Adebutu as police re-arrest him
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