The Central Bank of Nigeria (CBN) has issued a stern warning to the public regarding the use of fraudulent Society for Worldwide Interbank Financial Telecommunications (SWIFT) messages as evidence in international remittance claims. This announcement follows an increase in cases involving individuals and entities presenting counterfeit SWIFT documents to claim funds allegedly withheld by Nigerian banks or the CBN.
In a statement signed by Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications, the apex bank clarified that SWIFT messages, such as the SWIFT acknowledgment copy (ack copy) and SWIFT MT103, often submitted as proof of remittance, are unreliable in many cases. “These SWIFT messages are often untraceable on the SWIFT platform, and the corresponding funds are not received in the beneficiary’s account,” the statement read.
The CBN emphasized that in cases where a bank claims non-receipt of funds, the proper procedure is for the sending customer to contact their bank to initiate a tracer to determine the status of the funds. Escalating such matters directly to the CBN or law enforcement without proper procedures is not standard practice.
Misleading Claims on Fund Transfers
The CBN noted a growing number of complaints from individuals, law firms, and government agencies claiming that foreign funds meant for their accounts in Nigerian banks have been withheld. Some claimants allege that the CBN is responsible for withholding these funds. The central bank has firmly denied these allegations, clarifying that it does not provide correspondent banking services for Nigerian banks or maintain accounts for private businesses.
“Claims that funds expected as inflows into private business accounts are trapped in the CBN are spurious and deceptive,” the bank stated. It urged the public to exercise caution when dealing with documents or SWIFT messages containing unverifiable claims of withheld funds.
Potential Consequences for Fraudulent Claims
The CBN warned that any customer making illegitimate or unsubstantiated claims related to foreign currency remittances risks being reported to law enforcement agencies for investigation and possible prosecution. This step underscores the bank’s commitment to ensuring integrity and transparency in Nigeria’s financial system.
The public is advised to avoid being deceived by fraudulent SWIFT messages and to follow established banking protocols for tracing and resolving remittance issues.
This cautionary note from the CBN aims to address growing concerns over fraudulent practices in foreign currency transfers, reinforcing its role in maintaining financial stability and credibility in Nigeria’s banking system.
