World Bank warns Nigerians of fraudulent cooperative scheme, grants

EFCC operative used to illustrate the story
EFCC operative used to illustrate the story

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 Bank said in a statement sent to PREMIUM TIMES said those behind the scheme have been promising unsuspecting members of the public huge ‘bottom-up’ grants.

“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 spokesperson of the World Bank Group in Nigeria, Olufunke Olufon, said in a statement.

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

Urging the general public to verify any information regarding World Bank-assisted programs offered by the Bank from its website:, Ms. 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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