The Central Bank of Nigeria (CBN) has moved to allay fears and assure depositors and customers of Nigerian banks about the safety of their funds. The Acting Director of the Corporate Communications Department of the CBN, Mrs Hakama Sidi-Ali, made this assurance in a statement on Wednesday.
The reassurance comes in response to unconfirmed reports circulating through some media outlets suggesting a recommendation for the Federal Government to take over certain CBN-supervised financial institutions. Speculations point to Titan Trust Bank (formerly Union Bank) and Keystone Bank as potential targets, allegedly linked to a report by Mr Jim Obazee, CBN’s special investigator, claiming that former CBN governor, Mr Godwin Emefiele, used proxies to acquire these two financial institutions.
Sidi-Ali emphasized the stability and security of Nigerian banks.
“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,” she said.
The CBN, fully equipped to fulfill its statutory duty of upholding a stable financial system in Nigeria, assured the general public and depositors about the safety of their funds in Nigerian financial institutions. Sidi-Ali further urged bank customers to proceed with their banking transactions as usual, emphasizing that there is no cause for concern.
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As these unconfirmed reports create uncertainties, the CBN’s statement aims to instill confidence in the stability of the banking sector and to discourage any unnecessary panic or disruptions in regular financial activities.