The Central Bank of Nigeria (CBN) has reassured the security of funds within Nigerian banks, highlighting the robust stability of the nation’s banking sector.
The central bank hence urged the public to maintain their routine banking activities, dismissing unfounded reports not originating from the CBN that have caused unnecessary alarm about the health status of Nigerian banks.
The CBN asserted its complete readiness to fulfill its statutory responsibility of maintaining a stable financial system in Nigeria.
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.”
The clarification follows a report by the CBN’s special investigator, Jim Obazee, alleging that the embattled former governor of the apex bank, Godwin Emefiele, employed proxies to establish two financial institutions.
The report has sparked speculation that the CBN might intervene in Titan Trust Bank (formerly Union Bank) and Keystone Bank.
Jim Obazee, appointed as the special investigator in July 2023, submitted his conclusive report, titled ‘Report of the Special Investigation on CBN and Related Entities (Chargeable Offenses),’ to the Presidency on December 20, 2023.