World Bank warns Nigerians against fake cooperative schemes, grants


The World Bank on Wednesday warned Nigerians about a fraudulent multi-purpose co-operative scheme being advertised in some local communities in the country.

The warning is contained in a statement by the spokesperson of the World Bank Group in Nigeria, Olufunke Olufon.

“Several correspondences targeting innocent citizens are being circulated falsely, claiming that the World Bank is giving out money to individuals to do business and demanding processing fees of N1000 from prospective awardees.

“Please note that the World Bank is not behind this multi-purpose scheme and ‘bottom-up’ grant.

“The World Bank does not request for personal financial information for applicants to its programmes,” she added.

Olufon said the Bank would not be held responsible for any refunds of fees solicited by fraudsters purporting to act on its behalf.

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