letters from Nigeria asking companies to bank $25 million in return for a 25 percent cut.

The Bermuda Employers' Council has received two letters, sent to its members recently, and the Police have also been made aware of others circulating on the Island.

Mr. Malcolm Dixon, the Council's executive director, said: "Businesses should totally ignore these letters which are really just trying to obtain money from our firms.'' The letters work by promising a firm a "risk-free'' chance to pocket a quarter of $25 million by proving an account number into which the money can be placed.

However, once a firm supplies an account number it can leave itself open to having money taken out.

One letter comes from a Mr. Obed Williams, in Lagos, who says he is the Deputy Chief Accountant for the Nigerian National Petroleum Corporation claiming that he and a colleague want to transfer $25.3 million into an account.

He says the cash comes from proceeds of the oil boom which the NNPC made during the Gulf War.

The letter adds: "As we are civil servants still in active service, we cannot lay claim to this huge amount of money, hence the need to transfer this money outside the country for disbursement between ourselves and a foreign partner who can provide us an account.'' Mr. Williams says he and his partner would keep 70 percent of the cash with 25 per cent going to the company and five percent for costs.

"We want to inform you that this business is 100 percent risk-free as we have set in motion the transfer machinery,'' the letter adds.

Police spokesman, P.c. Gary Venning said: "We would back up what the Employers' Council is saying. People should be extremely cautious when dealing with these letters.''