Scam Alert: Bank of Industry Warns Nigerians

The Bank of Industry (BOI) has warned citizens of Nigeria to desist from falling victim to an ongoing scam regarding a grant from the Federal Government for small scale industries in the country. In a press release on Saturday, 23rd May, 2020, BOI warned that the people behind that link to a form on Google are fraudsters who are taking advantage of the reputation of the bank as providers of loan capitals, to defraud unsuspecting Nigerians. The latest scam is termed “Bank of Industry Small Scale Grant 2020.”

There has been an increase in the incidence of online fraud or cyber crime since the beginning of the recession suffered by the country in the latter part of 2016 and the first quarter of 2017. Despite a lot of arrests and convictions, the spate has seemed to have been worsened by the impact of the COVID-19 pandemic as many people especially youths who have been left adversely affected by the halt to most economic activities, have resorted to fraud.

The press release is as follows:

Our attention has been drawn to a scam: “Bank of Industry Small Scale Grant 2020.”
The perpetrators send links to a Google form and ask applicants to pay ₦750 to complete their applications.

Please do not fall victim to this scam, no such program exists.

To apply for any of our loans please visit our website: or contact our Customer Care division at:
0700 225 5264 or email

Managing Director/CEO, Bank of Industry, BOI, Mr Olukayode A. Pitan

Only last month, on the 27th of April, 2020, the Bank of Industry had warned the public about another scam christened “Bank of Industry Loan Empowerment for Entrepreneurs.” They disclosed thus: “Our attention has been drawn to several online publications mostly on social media claiming that Bank of Industry is running a program called “Bank of Industry Loan Empowerment for Entrepreneurs. This is not true.”

BOI exposing a scam in April this year, about four weeks ago

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