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 Bunk 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 Iraud (A.K-A. '419'). has declined significantly. Nevertheless, there are still some people who have continued to fall victim 10 the solicitations of advance fee fraudsters. This warning is. therefore, specifically intended for the benefit of those misguided people who. m 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 ol US dollars as a reward. The scam letter usually promises to transfer huge amounts of money- usually in US dollars, purported to he pan proceeds ol certain contracts, to the addressee's hank account, lo he 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 'tecs' supposedly to facilitate tl-ic processing and remittance of the alleged funds. The use of 'fake' Government. Central Bank of Nigeria. Nigerian National Petroleum Corporation, eic. documents is a common practice. Q The fraudsters usually request that the transaction be done under ,3 the cover of confidentiality. Sometimes, the -victims' are invited to Nigeria where (hey are given red-carpel i-ecepiion and attended to by the fraudsters, posing as Nigerian Governmeni oflicials. Quite often the fraudsters invent bogus Government committees purported to have cleared the pavments. Also. il is riot unusual tor llicm 10 contrive fake publications in the newspapers evidencing purporicd approvals to transfer non-evisient tunds. 4 To consummate the transaction, the 'victim' would be required to pay 'advance fees' for various purposes c g proccessing fees, unforeseen taxes, licence fees, registration fees, signing/leagl 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 tees' already described above. A new strategy thai has also been used to defraud the 'victims' is an offer 10 use chemicals to transform ordinary paper into United States dollar bills, which would be subsequently shared by the parlies. 6 You are again warned in your own interest not to 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' ot Commerce and Industry. Manufacturers" Associations of Nigeria. Federal Mini.sn-ies 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 Ceniral Bank of Nigeria is once again warning all recipients of frauduleni letters on bogus deals, that there are no contract payments trapped in the hank's vaults. They are once again pul on notice that all documents appertaining to the payment, claims, or transfers purponediv issued by the bank. its senior executives or the Government ot the Federal Republic ol'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 then victims by reporting any solicitation to your local law enforcement agencies or the local International Police Organisation (Interpol). 9 You have been warned several limes before! You have been warned again"