CBN Cautions Public on Fake SWIFT Messages
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has warned that it will report any individual or entity making false claims that foreign currency funds allegedly transferred to them by foreign entities are being withheld by the CBN.
Such claims, the apex bank said, will be forwarded to law enforcement agencies for investigation and possible prosecution.
This warning was issued in a statement on Tuesday by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN. She revealed that the Bank has been inundated with complaints from private entities, individuals, law firms, and government agencies about uncredited foreign currency transfers to accounts in Nigerian banks.
“Claimants have alleged that the funds were withheld by either the beneficiary bank in Nigeria or the CBN and requested the Bank’s assistance in releasing the funds to them,” Sidi Ali explained.
She noted that these claims are often supported by fake documents, such as SWIFT MT103 and SWIFT acknowledgment copies. “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,” she said.
The CBN clarified that these SWIFT messages are often untraceable on the SWIFT platform, and the alleged funds have not been received by the banks to enable crediting of the beneficiaries’ accounts.
Mrs. Sidi Ali emphasized: “The CBN does not offer correspondent banking services for Nigerian banks in foreign payments, nor does it maintain accounts for private businesses. Therefore, claims that expected inflows for private entities are trapped in the CBN are baseless and misleading.”
She explained that in cases where a beneficiary bank reports non-receipt of funds, the proper procedure is for the sender to request their bank to initiate a tracer to locate or recall the funds, rather than escalating the matter to the CBN or law enforcement agencies.
The public was urged to be vigilant and avoid falling for fraudulent SWIFT messages and documents falsely claiming uncredited foreign currency funds.
The CBN’s statement reiterates its commitment to maintaining transparency and integrity in Nigeria’s financial system while deterring fraudulent activities.
