CBN flags fake bank as Zuldal scandal grows
The Central Bank of Nigeria has issued a public warning against conducting business with Zuldal Microfinance Bank Limited. The bank clarified that this entity is not licensed to conduct microfinance or any other banking business within the country. Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications, stated that the organization, which reportedly has branches in cities including Lagos, Abuja, Kaduna, and Kano, is falsely claiming to possess a CBN-issued license.
She referenced the Banks and Other Financial Institutions Act, noting that no entity may conduct banking business without a valid CBN license. The public was strongly advised to disregard any claims of authorization from Zuldal Microfinance Bank Limited and to avoid any financial dealings with the firm.
The Central Bank emphasized its commitment to protecting the financial system’s integrity and safeguarding citizens from unregulated operators. It directed individuals to verify all licensed financial institutions through its official website.
