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EU Disowns Fake Compensation Scheme Targeting Trapped Funds in West African Banks

The European Union has warned the public against a fraudulent document circulating online that falsely claims the bloc, in partnership with the World Bank, is offering compensation to people whose funds are allegedly trapped in banks across West Africa.

In a statement, the EU Delegation to Nigeria and ECOWAS described the purported programme as a scam, saying neither the EU nor the World Bank is involved in any such initiative. The fake document, falsely attributed to the Secretary General of the Council of the European Union, claimed a special recovery programme had been established to compensate citizens whose funds were withheld by regional banks, and falsely stated that the EU Ambassador to Nigeria and ECOWAS had been mandated to oversee the exercise.

The delegation said the contact details listed in the document are fake and being used by fraudsters to deceive victims, urging the public to ignore the claims and verify any official EU announcements only through its website and verified social media channels. The warning comes amid a rise in cyber enabled fraud in which criminals impersonate international organizations and senior officials to extract fees or personal information from victims.

Akintunde Owolabi

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