Amid Allegations Of Illegal Withdrawals, CBN Assures Nigerians Safety On Deposit

• The CBN is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria
• According to Mrs Sidi-Ali, the assurance was informed by reports about a recommendation for the federal government to take over some CBN-supervised financial institutions.

The stability of the nation’s banking industry has been emphasised by the Central Bank of Nigeria, which has confirmed the security of money in Nigerian banks.

Therefore, the top bank recommended the public to carry on with their routine banking activities and not give in to the fear mongering generated by unreliable information about the state of Nigerian banks that did not originate from the CBN.

According to the CBN, it has all it needs to fulfil its legal obligation to maintain 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 is coming 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, who was 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.