CBN Building
The Central Bank of Nigeria assures that funds in Nigerian banks are secure, highlighting the stability of the country’s banking sector. The central bank recommends the public to carry on with their regular banking activities and not be alarmed by unverified reports not originating from the CBN regarding the health status of Nigerian banks.
The CBN declared that it is well-prepared to fulfill its essential role of maintaining a stable financial system in Nigeria. According to a statement from the acting Director of Corporate Communications, Hakama Sidi-Ali, released on Wednesday, the apex bank affirmed its readiness.
“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 CBN’s special investigator, Jim Obazee, alleging that the former governor, Godwin Emefiele, established two financial institutions through proxies.
This report sparked speculation that CBN might take control of Titan Trust Bank (formerly Union Bank) and Keystone Bank.
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.