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Akinwande Soji-Ojo
The Central Bank of Nigeria has affirmed the safety of funds in Nigerian banks, stressing the stability of the country’s banking sector.
In a statement issued on Wednesday by its Acting Director, Corporate Communications, Hakama Sidi-Ali, the apex bank stated that it is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.
The CBN, 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.
“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 statememt read.
The clarification follows a report by CBN’s special investigator, Jim Obazee, which stated 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 ( which acquired former Union Bank) and Keystone Bank.
Obazee, appointed special investigator in July 2023, submitted his final report, entitled, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences),’ to the Presidency on December 20, 2023.