2009-07-20 | OFID-03-2009

Warning to All Primary Mortgage Institutions,MIcrofinance Banks and Finance Companies on the Issuance of False/Forged Statements of Accounts

The Central Bank of Nigeria issued a circular on July 20th, 2009, addressing all Primary Mortgage Institutions and Community/Microfinance Banks. This warning comes after it was observed that some institutions continued to issue falsified or forged statements of accounts, potentially exaggerating or misrepresenting the financial standing of clients, with a focus on issuing such documents in support of visa applications. The bank warned that staff involved would be blacklisted and referred to law enforcement agencies for further investigation and prosecution, while affected institutions could also face sanctions.

Nigeria

Central Bank of Nigeria

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