CBN warns public of fraudulent EDIs

The Central Bank of Nigeria (CBN) on Wednesday warned the members of the public to beware of Entrepreneurship Development Institutions (EDIs), purporting to be Central Bank accredited EDIs for the AgriBusiness Small and Medium Enterprises Investment Scheme (AGSMEIS).

In a statement signed by Isaac Okorafor, director, corporate communications, these unaccredited bodies have continued to defraud and exploit members of the public by advertising for courses and charging training fees ranging on the pretext that the training is endorsed by the CBN and therefore would guarantee easy access to AGSMEIS loans.

According to the statement, the CBN has neither appointed nor accredited any organization to conduct any training on its behalf for the purpose of applying for AGSMEIS loans.

“The Public is therefore advised to beware of the activities of these non-accredited private and public organisations, and report anyone or group that approaches them for these illegal and unauthorized trainings, to the law enforcement agencies”, the statement reads.

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Under the auspices of the Bankers Committee, the sum of over N60 billion has so far been set aside under the AGSMIES fund to fund Micro Small and Medium enterprise businesses in the Agriculture and Manufacturing sectors of the economy.

The CBN last year introduced the Real Sector Support fund; a facility meant to provide cheap funding at no more than 9 percent to new projects in the Agric and Manufacturing sectors; aimed at boosting output and creating jobs.

HOPE MOSES-ASHIKE

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.