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Development Bank alerts public on fake schemes

The Development Bank of Nigeria Plc (DBN) has said the public should be wary of fraudulent multi-purpose schemes that are out to defraud unsuspecting persons. 

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It said the fraudsters would be canvassing that the World Bank was giving out grants to individuals to do business in Nigeria through DBN.

According to a statement from the bank, members of the public are advised to note that DBN is not involved in this fraudulent scheme and that the bank only disburses loans to MSMEs through Participating Financial Institutions (PFIs).

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DBN warned “that it will not be responsible for any loss or damage resulting from this fraudulent scheme. The bank only recently commenced lending activities with N5 billion earmarked for disbursement through three microfinance banks (MFBs)” it said. 

Having been established as a wholesale development finance institution, the disbursed amount is for onward lending to over 20,000 micro, small and medium scale enterprises (MSMEs) spread across the country.

The three MFBs for the pilot scheme, that were unveiled at an agreement-signing ceremony recently in Abuja were Fortis Microfinance Bank Plc, LAPO Microfinance Bank Limited and NPF Microfinance Bank Plc.

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