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In a bid to allay concerns and dispel rumors, the Central Bank of Nigeria (CBN) has affirmed the safety of funds within Nigerian banks, highlighting the stability of the nation’s banking sector.
The apex bank has urged the public to continue their routine banking activities and not succumb to unfounded alarms generated by unverified reports, emphasizing that these reports do not originate from the CBN. The Central Bank emphasized its readiness and capability to fulfill its statutory duty of maintaining a stable financial system in Nigeria.
Acting Director of Corporate Communications, Hakama Sidi-Ali, issued a statement on Wednesday, stating, “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.”
“To avoid any confusion, 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 follows a report by CBN’s special investigator, Jim Obazee, alleging that the former governor of the apex bank, Godwin Emefiele, utilized proxies to establish two financial institutions. The report raised speculations about the possibility of the CBN taking over Titan Trust Bank (formerly Union Bank) and Keystone Bank.
Jim Obazee, appointed as a special investigator in July 2023, submitted his final report, titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offences),’ to the Presidency on December 20, 2023.
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