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 Central Bank of Nigeria (CBN) has denied involvement in the activities of fraudsters who are falsely alleging to have received award letters for construction contracts and special financial interventions.

In a statement on Monday, Hakama Sidi Ali, CBN’s acting director of corporate communications, warned that the individuals are driven solely by the intent to deceive unsuspecting Nigerians, advising citizens to disregard such claims.

“The Central Bank of Nigeria (CBN) wishes to alert members of the public to the activities of fraudsters purporting to be in receipt of award letters of contracts related to construction works and special financial interventions on behalf of the Bank,” the statement reads.

“We wish to clarify that this is false. These individuals are solely motivated by the desire to defraud unsuspecting Nigerians. Any such assertions are fraudulent and should be disregarded.

“The Bank hereby reiterates that, in line with the focus of its current management, it has discontinued direct development interventions and special projects funding.”

Sidi Ali stressed that the regulator has not authorised any public announcements regarding such interventions on social media or other media channels.

She reaffirmed CBN’s commitment to its core mandate of maintaining monetary and price stability and ensuring a sound and efficient financial system in Nigeria.

She also encouraged Nigerians to remain vigilant and report any suspicious activities or publications to law enforcement authorities.