The Central Bank of Nigeria (CBN) has advised bank customers to be cautious about the use of fake SWIFT messages during foreign exchange (FX) remittances.

SWIFT messages are sent through the Society for Worldwide Interbank Financial Telecommunication network to facilitate financial transactions between banks and financial institutions.

The CBN gave the warning in a statement signed by Hakama Sidi-Ali, its acting director of corporate communications department, on Tuesday in Abuja.

The apex bank said it had been inundated with claims by some stakeholders about the conclusion of foreign currency transfer to their Nigeria bank accounts.

According to Sidi Ali, stakeholders like private entities, individuals, law firms, and government agencies complained 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 assistance towards releasing the funds to them,” She said.

“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.”

Sidi Ali added that the SWIFT messages are always not traceable on the SWIFT platform and the funds are not received to enable their application to the beneficiary’s account.

“In a situation where a fund transfer beneficiary receiving bank claims non-receipt of funds remitted by the foreign entity, the standard practice is for the sending customer to contact the sending bank.

“The purpose for the sending bank to send a tracer to trace where the fund is hanging and recall it.

“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 CBN spokesperson urged the general public to be careful with such unauthentic SWIFT messages and documents containing spurious claims of non-application of substantial foreign currency funds allegedly transferred into the beneficiary’s account.

She also warned that the CBN would not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution.

Nigerian Civil Aviation Authority, NCAA, has assured air travellers that there will be minimal flight delays and cancellations during the festive season, saying cases of flight disruptions will also be better managed than previous years.

The regulatory agency said with the signing of the Irrevocable Deregistration and Export Request Authorisation, IDERA, operators were expanding their fleet to meet rising demand.

In October, Director General of the NCAA, Captain Chris Najomo, signed the IDERA to enable Nigerian airlines have access to dry lease aircraft to boost operational capacity.

Since then, United Nigeria Airlines has boosted its fleet with five Embraer aircraft (E190s) with the first of the planes arriving early this month.

Also, Ibom Air expanded its fleet with the addition of two Bombardier CRJ 900 next-generation aircraft.

Addressing newsmen after the NCAA Consumer Protection National Stakeholder Summit themed: ‘Achieving Increased Adoption of Digital Technology in Air Travel Customer Complaints Management: The Regulatory Perspective’ held in Lagos, Director of Public Affairs and Consumer Protection, Michael Achimugu, urged travellers to report issues of delays and cancellations to the agency.

Achimugu said: “This is the high season, there will be flight disruptions, however, it should be better than the previous years because with the signing of IDERA, more aircraft are coming to Nigeria. One of the domestic airlines recently said they brought in 10 new aircraft.

“This would not have been possible before. So we are monitoring. We have our consumer protection officers at every airport. If there is a disruption, please report to us. We can always mitigate some of those concerns. We are on ground to help deal with some of these situations as they arise.”

On the reason for the summit, he said: “The task before us is huge. We will step on toes to get the right thing done. We will make decisions and adjustments that will not compromise safety and security, but will uplift the travel experience of the people for whose sake the industry exists.

“I also invite all passengers to remember that airlines are in business and must make certain decisions based on the same principles that passengers also apply to their personal businesses as well. We must, therefore, strike a balance in the best interest of all parties. So, as you insist on having your rights protected, also do well to remember to honour your responsibilities as clearly stated in Part 19 of the NCAA Regulations 2023.”

The United Bank for Africa (UBA) Plc says it will hold its quarterly business series to empower micro, small and medium-scale enterprises (MSMEs) with wealthy management strategies.

In a statement on Tuesday, the UBA said the event — which is the last edition for the year — is part of its commitment to deepening the growth and sustainability of MSMEs in Africa.

According to the bank, the edition will spotlight businesses that have demonstrated resilience across generations and navigated tough operating terrains.

“This edition of the business series, ‘Profit with Purpose, Business Continuity’, will be held on Thursday, November 21st 2024, by 12 PM (noon) at the Tony Elumelu Amphitheatre, UBA House, Marina, Lagos and intending participants are expected to register via the Registration Link at https://ubagroup.zoom.us/webinar/register/WN_UGOEUWSLIZqu91jSMSih5w,” the statement reads.

“The UBA Business Series is a regular seminar/workshop organised by the bank as capacity-building initiatives for small businesses, where leading business leaders and professionals share well-researched insights on relevant topics and best practices for running successful businesses, especially in a challenging business environment.

“This edition seeks to showcase businesses that are resilient and have done well through generations, adapting to political and economic changes.

“Renowned leaders from diverse industries, including a prominent lawyer, award winning film director, and producer, Bolanle Austen-Peters whose work has significantly impacted Nigerian Cinema, and theatre will headline this last quarter’ series.

“Her recent film House of GA’A has achieved a major milestone, reaching Netflix’s Global 10 list for indigenous language films.

“Other prominent entrepreneurs who will be on ground to give insightful tips are, Founder and Chief Executive of Asadtek Group Limited, Ghana; Dr. James Asare-Adjei; Award winning TV Personality & Multi Media Entrepreneur, Frank Edoho, Celebrated multimedia personality, Toke Makinwa and founder of Nigeria’s pioneering indigenous premium coffee brand, Happy Coffee, Princess Adeyinka Tekena.”

‘EVENT PROVIDES PLATFORM FOR SMEs TO LEARN FROM EXPERIENCED ENTREPRENEURS’

Shamsideen Fashola, UBA’s group head of retail and digital banking, said the vast knowledge and experience of the panellists will give business owners more insight towards the importance of personal finance, and wealth management.

He said the session will also offer crucial guidance on navigating the challenges of a tough economy to ensure business growth.

“We know small businesses are vital to the growth and advancement of every economy, that is why at UBA, we constantly look for ways of ensuring that these business owners and operators are well-equipped to grow their businesses successfully,” Fashola said.

“This edition provides a platform for SMEs to learn from experienced entrepreneurs who have built and sustained businesses through the decades.

“Hearing their stories and strategies will be invaluable for any business owner looking to build a lasting enterprise.”

Also speaking, Alero Ladipo, the bank’s group head of marketing and corporate communications, said the business series is an invaluable learning opportunity, targeted at helping young and aspiring entrepreneurs scale up their businesses.

She added that the event is essential for anyone focused on ensuring the long-term success of their business.