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Your money is safe in banks, CBN assures Nigerians

 

The Central Bank of Nigeria has affirmed the safety of funds
in Nigerian banks, emphasising the stability of the country’s banking sector.

 

The apex bank therefore advised the public to continue with
their regular banking activities without succumbing to the alarm caused by
unverified reports not originating from the CBN concerning the health status of
Nigerian banks.

Read CBN’s full Statement

The CBN stated that it is fully equipped to carry out its
statutory duty of upholding 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 comes after the report by the CBN’s
special investigator, Jim Obazee, that the embattled former governor of the
apex Bank, Godwin Emefiele, used proxies, to set up two financial institutions.

 

The report fuelled speculations that the CBN may take over
Titan Trust Bank (former Union Bank) and Keystone Bank.

 

Obazee, appointed special investigator in July 2023, submitted
his final report tagged, ‘Report of the Special Investigation on CBN and
Related Entities (Chargeable offences) to the Presidency on December 20, 2023.

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