The Central Bank of Nigeria (CBN) has cautioned the public against the use of fraudulent SWIFT messages, including falsified SWIFT MT103 forms and acknowledgment copies, in claims of uncredited foreign currency transfers.
The apex bank noted a rise in petitions from private entities, individuals, law firms, and government agencies alleging that funds transferred from foreign entities to Nigerian bank accounts were withheld, either by the beneficiary banks or the CBN itself.
In a statement on Tuesday, Hakama Sidi Ali (Mrs.) Ag. Director, Corporate Communications cautioned; “CBN will not hesitate to report any bank customer making unsubstantiated and illegitimate claims to law enforcement agencies for investigation and prosecution”.
The CBN’s Ag. Director, Corporate Communications said the Central Bank of Nigeria has been inundated with claims by private entities, individuals, law firms and government agencies that foreign currency funds allegedly transferred to them by foreign entities have yet to be credited to their accounts with Nigerian banks.
According to her, in some instances, the claimants alleged that the funds were withheld by either the beneficiary bank in
Nigeria or the CBN and requested the assistance of the Bank towards releasing the funds to them.
The CBN clarified that such claims often rely on fabricated documents presented as proof of remittance.
“These SWIFT messages are not traceable on the SWIFT platform, and no funds have been received to credit the beneficiaries’ accounts,” the statement read.
The bank outlined the correct procedure for handling issues of uncredited foreign transfers, emphasising that the sender should contact their bank to initiate a tracer to determine the location of the funds and facilitate their recall.
It discouraged claimants from escalating such matters to the CBN or law enforcement agencies without following the standard process.
Additionally, the CBN reiterated that it does not provide correspondent banking services for Nigerian banks or maintain accounts for private businesses.
“Claims that alleged inflows meant for private entities are trapped in the CBN are baseless and deceptive,” it asserted.
The apex bank urged the public to remain vigilant and follow due banking processes to resolve issues related to international fund transfers, warning against the reliance on fake documents or misrepresentation.
