CBN cautions Nigerians against easy loan offers


Central Bank of Nigeria (CBN) has cautioned that financial institutions that offer easy loans and other mouthwatering returns easily run into troubled waters.

It gave the warning in Yola, Adamawa State, shortly after some financial institutions were shut down in Lagos following complaints from their customers. The Trumpet gathered.

It held a public enlightenment programme tagged: CBN Fair during which it stressed that although the institutions it regulates were robust and reliable, the same could not be said about unregistered institutions.

Director of Corporate Affairs, Osita Nwanisobi, who represented the CBN Governor, Godwin Emefiele at the event, disclosed that the fair held simultaneously in Adamawa and Taraba states, stressing that the fair was organised to enable the bank to sensitise the people of both states.

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“We are here to protect our people, as well as project our programme and interventions to our people. And also caution our people on unbelievable returns some people go about promising you.

“Be careful of people who offer you easy loans and promise you unbelievable returns on your investment. They entice you to take loans and then begin to harass you when you are unable to pay back.

“Nigerians should be mindful of unlicensed entities, who claim to be selling financial products and telling people not to give their money to those who will use their hard-earned money to do risky business.

“We are saying that when an entity is not licenced, do not patronise them. If you have doubt, we have a CBN branch office here. Go to CBN and ask if such finance houses are licenced and do not be in a hurry to put your money just anywhere,” he advised.

The CBN’s fair in Yola and Jalingo attracted farmers, traders, students, civil servants, corps members and other members of the public.

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