Rapid Economic Recovery Fund Scheme (REREF Loan) is Fake – Beware

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A loan programme which claims to offer a Business Start-up Loan of N500,000 – N3,000,000, Business Expansion Loan of N500,000 – N5,000,000, over 3 years Moratorium and at 9% interest rate has launched its website for application today 12th September 2022.


According to information contained in the REREF Loan Application website https://rerefnigeria.ng “Rapid Economic Recovery Fund (REREF) is the response to poverty reduction and growth challenges in Nigeria.

“The goal of REREF is to make a fundamental break, recover and stabilize Nigeria’s economy through small and medium scale enterprises.

“As Nigeria’s Poverty Reduction Strategy, REREF builds on the earlier efforts to produce the interim Poverty Reduction Strategy and the wide consultative processes associated with it.

“REREF recognizes that the fundamental challenge at this stage of Nigeria’s development is to meet the basic needs of it’s people and reduce poverty on a sustained basis.

“By allowing the private sector to thrive, REREF creates a system of incentives to bring to life 15000 businesses and empower the people to take advantage of the opportunities.

“REREF is inspired by current challenges for change and vigorous growth. It sets realistic targets for progress and outlines a way of finding businesses to recover our nation’s economy by providing a safe bet that will prevent people from becoming poor or poorer.

“The government has setup a monitoring framework to check the progress it is making against the target set out by REREF.”

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In a statement signed by acclaimed REREF Loan Director of Operation, Ahmed Amadi, Rapid Economic Recovery Fund (REREF) Growth Strategy Board has approved the Deployment of REREF Business Loan 2022.

Why is Rapid Economic Recovery Loan (REREF Loan) Scheme FAKE and a Scam

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1. The operators of the REREF Loan Scheme mandated that an applicant of the Loan Scheme must pay the sum of N8,500 to N13,500 through Fluterwave, to be trained by unrecognized and unregistered Entrepreneurship Development Centers in Nigeria viz Potential Learning and Ampiro Schools as a crucial criterion for the REREF Loan Application.

2The Operators claimed REREF Loan Scheme is a Government Loan Programme.

Every Government Loan Programme is conducted by a ministry and operated by recognised Banks and Training Institutes.

Such Loan Programmes or grants are announced by the Ministry through its official Social Handles, Television and/or Radio.

Examples of Governent Loan Schemes and Grants which are well established in ministries, Agencies or Parastatals and clearly operated under the watch of the Government are the COVID-19 Targetted Credited Facility Loan Scheme, AGSMEIS Loan, Non-Interest Banking window for COVID-19 TCF/AGSMEIS which were approved by the Federal Executive Council, operated through the Central Bank of Nigeria and disbursed by a CBN accredited Microfinance Bank – the Nirsal Microfinance Bank.

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Others are the Nigeria Youth Investment Fund which is domiciled under the Federal Ministry of Youth and Sports Development and disbused through CBN approved Microfinance Banks – the Nirsal Microfinance Bank, NPF Microfinance Bank, Baobab Microfinance and Lapo Microfinance Bank; the MSME Survival Fund operated under the Federal Ministry of Trade and Investment; NASSCO COVID-19 Rapid Response Register, NSIP (CCT, HGSFP, Npower, GEEP Loan) all operated under the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development; Farmers Fertiliser Subsidy grant Programme operated by the Federal Ministry of Agriculture and Rural Development, among others.

The Rapid Economic Recovery (REFEF Loan) Scheme was not announced by any Government Ministry, Agency or Parastatal, and it is not recognised as part of the National Economic Sustainability Plan (NESP) for COVID-19 Economic Recovery.

3. The REREF Loan Application Website Whois Information:

The REREF Loan Application Website Whois Information https://infowebstats.com/whois/rerefnigeria.ng indicated that it was registered on QServers Network by Ahmed Amadi with an Email Address princeahmedamadi@gmail.com, with registration address as Monvina Str, Wuse 2, Abuja.

The Registrant of the Website appears to be the Ahmed Amadi who claims to be the Director of Operation for the REREF Loan Programme.

The Name Ahmed Amadi is not recognised as the Director of Operation in any known Nigeria Ministry. A quick search on the name Ahmed Amadi shows a Muslim Leader who converted to Christianity on Nigeria news websites.

4. The REREF Loan Contact Adress: 

The contact Adress on the REREF Loan Application Website Contact page https://rerefnigeria.ng/contact.html is Plot 103/104, Monrovia Street, Wuse 2, Federal Capital Territory, Abuja, Nigeria.

The stated address is the address of the Nirsal Microfinance Bank, Abuja. The operators of the REREF Loan did not mention the Nirsal Microfinance Bank as the disbursing Bank of the REREF Loan and did not mention the Central Bank of Nigeria as its Anchor.

5. The REFEF Loan Contact Phone Numbers: 

The REFEF Loan Contact Phone Numbers stated on the Website About Page are +234 (0) 7066 795 247 | 094110001 | 0700-RERE-NG.

The second and third Phone Numbers are non-existent. The only functional Phone number on the Website is the first +234 (0) 7066 795 247.

But as fraudulent as the operators are, the number can be picked at odd, non-working, or unofficial hours. That’s unlike any government MDA or professional organisation which has stipulated working hours and specified call hours.

In the past and even presently, there have been increasing attempts by fraudsters to recreate Federal Government programmes in other to “Phish” victims essential data, and used them for organised financial scams on the victims or directly Scam them of their Money.

Such identified Fake and Scam Programmes include Nigeria Youth Empowerment 2021, FAKE Nigeria Jubilee Fellows Empowerment Programme Application Link, National Alliance for Poverty Eradication ( NAPE Loan), Fake NYIF Loan, among others.

Originally published by myinfoclock

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