Nigerians, beware of Facebook posts punting non-existent N500,000 government grants

IN SHORT: Several Facebook posts encourage Nigerians to apply for a N500,000 (about US$305) grant from the government. But be warned, these posts are a scam.

"A ₦500,000 FG Grant by CBN Ending Next Month Submit application," reads a post on Facebook.

FG stands for the federal government, while CBN is an abbreviation for the Central Bank of Nigeria.

The graphic accompanying the post asks for the user's full name and account number. There is also a link where interested users can supposedly apply for the grant.

The post has garnered over 3,000 reactions, 1,900 comments and 71 shares.

We found the same claim here, here and here.

But is there a N500,000 grant from the Nigerian federal government, administered by the central bank? We checked.

Signs of a scam

When we clicked on the link attached to the post, it directed us to a site promoting "$100,000 U.S Visa Sponsorship Opportunities in 2024/2025".

The site did not mention the supposed grant and had no visible ties to the Nigerian government or the central bank. This is a major red flag.

We found no credible news reports about this grant. If the central bank had launched such a grant, it would've made headlines. We also couldn't find anything about the grant on the central bank's website.

We also found it suspicious that the post encouraged people to apply for the "N500,000 grant by CBN", but the attached graphic mentioned a loan. Usually, a grant does not need to be repaid and is offered to the poor and vulnerable. On the other hand, a loan needs to be repaid and interest is added.

The post also lacks important details, such as the exact closing date for applications and who is eligible. We would expect any government initiative to include this information to avoid confusion.

The posts also have random capitalisation and no punctuation. This is another clear sign of a scam.

To protect yourself, read our guide to Facebook scams and how to spot them.