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CBN confirm safety of funds in Nigerian banks, says contrary reports, false, unverifiable

Central Bank of Nigeria Assures Public of Banking Sector Stability Amid Speculations

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The Central Bank of Nigeria (CBN) has moved to allay concerns and dispel speculations about the stability of the country’s banking sector, asserting the safety of funds in Nigerian banks. In response to unverified reports, the apex bank urged the public to continue their regular banking activities without succumbing to alarm.

In a statement issued by the acting Director of Corporate Communications, Hakama Sidi-Ali, the CBN addressed recent media reports suggesting a recommendation for the Federal Government to take over certain CBN-supervised financial institutions. The bank categorically stated that Nigerian banks remain safe and sound, emphasizing that the public should not be alarmed by reports not originating from the CBN regarding the health status of these financial institutions.

“The CBN is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria,” the statement affirmed. It encouraged bank customers to proceed with their regular transactions, emphasizing that there is no cause for concern.

This clarification follows a report by the CBN’s special investigator, Jim Obazee, alleging that the former governor of the apex bank, Godwin Emefiele, used proxies to establish two financial institutions. The report fueled speculations of a potential takeover of 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. The CBN’s reassurance aims to quell uncertainties and maintain confidence in the stability of the nation’s banking sector.

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