CENTRAL BANK OF NIGERIA

PRESS STATEMENT ON ADVANCE FEE FRAUD/SCAM

DON'T BE FOOLED! MANY HAVE LOST MONEY!!

IF IT SOUNDS TOO GOOD TO BE TRUE THEN IT IS NOT TRUE!!!

1.The publicity campaigns by the Central Bank of Nigeria (CBN) and the Government of the Federal Republic of Nigeria have proved successful in sensitising the public about the menace of advance fee fraud and the falsehood of claims that easy money could be made in Nigeria. Consequently, the reported incidence of advance fee fraud (A.K.A. '419'), has declined significantly. Nevertheless, there are still some people who have continued to fall victim to the solicitations of advance fee fraudsters. The warning is, therefore, specifically intended for the benefit of those misguided people who, in the quest to make easy money at the expense of Nigeria, are defrauded by international fraudsters.

2.The advance fee fraud is perpetrated by enticing the victim with a bogus 'business' proposal which promises millions of US dollars as a reward. The scam letter usually promises to transfer huge amounts of money, usually in US dollars, purported to be part proceeds of certain contracts, to the addressee's bank account, to be shared in some proportion between the parties. A favourable response to the letter is followed by excuses why the funds cannot be remitted readily and subsequently by demands for proportionate sharing of payments for various 'taxes' and 'fees' supposedly to facilitate the processing and remittance of the alleged funds. The use of 'fake' Government, Central Bank of Nigeria, Nigerian National Petroleum Corporation, etc. documents is a common practice.

3.The fraudsters usually request that the transaction be done under the cover of confidentiality. Sometimes, the 'victims' are invited to Nigeria where they are given red-carpet reception and attended to by the fraudsters, posing as Nigerian Government officials. Quite often the fraudsters invent bogus Government committees purported to have the payments. Also, it is not unusual for them to contrive fake publications in the newspapers evidencing purported approvals to transfer non-existent funds.

4.To consummate the transaction, the 'victim' would be required to pay 'advance fees' for various purposes: e.g. processing fees, unforeseen taxes, licence fees, registration fees, signing/legal fees, fees for National Economic Recovery Fund, VAT, audit fees, insurance coverage fees, etc. The collection of these 'advance fees' is actually the real objective of the scam!

5.A recent variant of the scam directed primarily at charitable organisations and religious bodies overseas involves bogus inheritance under a will. Again the sole aim is to collect the 'advance fees' already described above. A new strategy that has also been used to defraud the 'victims' is an offer to use chemicals to transform ordinary paper into United States dollar bills, which would be subsequently shared by the parties.

6.You are again warned in your own interest not be become yet another dupe to these fraudulent solicitations or schemes. Genuine and prospective investors in Nigeria are advised to consult their home Chambers' of Commerce and Industry, or Nigeria's Chambers' of Commerce and Industry, Manufacturers' Associations of Nigeria, Federal Ministries of Commerce and Industry, Nigerian Missions in their countries of origin, their embassies or High Commissions in Nigeria for proper briefing and advice.

7.The Central Bank and indeed, the Federal Government of Nigeria cannot and should not be held responsible for bogus and shady deals transacted with criminal intentions. As a responsible corporate body, the Central Bank of Nigeria is once again warning all recipients of fraudulent letters on bogus deals, that there are no contract payments trapped in the bank's vaults. They are once again put on notice that all documents appertaining to the payment, claims, or transfers purportedly issued by the bank, its senior executives or the Government of the Federal Republic of Nigeria for the various purposes described above are all forgeries, bogus and fraudulent.

8.Please join the Central Bank and the Federal Government of Nigeria to fight the criminal syndicates who play on the gullibility and greed of their victims by reporting any solicitation to your local law enforcement agencies or the local International Police Organisation (Interpol).

9.You have been warned several times before! You have been warned again!!

CENTRAL BANK OF NIGERIA

Samuel Ladoke Akintola Way,

P.M.B. 0187,

Garki, Abuja,

NIGERIA