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.

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.

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.