By InvestAdvocate

Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) has said that forms for processing the N220 billion Micro, Small and Medium Enterprises (MSMEDF) Development Fund are not for sale.

“It has come to the notice of the Central Bank of Nigeria again that some unscrupulous persons are defrauding unsuspecting members of the public by selling application forms purportedly from the CBN for the purpose of accessing loans from the N220 billion Micro, Small and Medium Enterprises (MSMEs) Development Fund provided by the Bank,” a statement dated November 19 by Ibrahim Mu’azu, director, Corporate Communications said.

The CBN says reports reaching it indicate that these dishonest elements extort various sums of money ranging from N2,000 to N60,000, depending on the value of the loan being sort by unsuspecting applicants, for forms as a pre-condition and/or guarantee for securing loans from the Fund.

According to the apex bank, the fraudsters are also reported to be asking would-be borrowers to contribute into dedicated accounts certain sums as percentages of the loan they intend to access.

“The Central Bank of Nigeria wishes to inform the public that at no time did it authorise or appoint any agent to sell forms or collect any fee to access the Fund. THE ONLY FORM AVAILABLE UNDER THE FUND IS THE ONE TO BE FILLED BY PARTICIPATING FINANCIAL INSTITUTIONS (PFIs) namely: Microfinance Banks, Non-Bank Microfinance Institutions, Financial Cooperatives, Finance Companies, Commercial Banks, Bank of Industry and Bank of Agriculture-to enable them access the Fund and IT IS FREE.

The Public is therefore advised to beware of the activities of fraudsters. Whoever approaches them demanding for money to obtain the loan forms/or as processing fee should be reported to the law enforcement agencies,” the CBN said.