The Central Bank of Nigeria has issued a strong affirmation regarding the security of funds within Nigerian banks, underscoring the stability of the nation’s banking sector.
Amid circulating unverified reports, not originating from the CBN, causing concerns about the health of Nigerian banks, the apex bank urged the public to continue their regular banking activities without giving in to alarm.
In a bid to allay fears and reassure the populace, the CBN emphasized its preparedness and capability to effectively fulfill its mandated duty of maintaining a stable financial system within Nigeria.
This affirmation by the CBN comes as a response to the disquiet generated by unverified information and serves to instill confidence in the public regarding the safety and stability of the country’s banking industry.
In a statement issued by the acting Director, Corporate Communications, Hakama Sidi-Ali, on Wednesday, the apex bank said, “The Central Bank of Nigeria (CBN) has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions.
“For the avoidance of doubt, Nigerian banks remain safe and sound. The CBN encourages the public to continue their regular activities without being alarmed by reports that have not emanated from the CBN about the health status of Nigerian banks.
“The CBN is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.
“We assure the general public and depositors about the safety of their funds in Nigerian financial institutions.
“Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern.”
This clarification comes following a report by the CBN’s special investigator, Jim Obazee, which suggested that the former governor of the apex bank, Godwin Emefiele, allegedly utilized proxies to establish two financial institutions.
According to the report, Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited, as well as Keystone Bank without any evidence of payment.
As a result, it recommended that the Federal Government should reverse the sale of the banks and also take them over.
