The Central Bank of Nigeria (CBN) has issued a statement affirming the safety of funds in Nigerian banks and emphasizing the stability of the country’s banking sector. The apex bank strongly advised the public to continue their regular banking activities and not succumb to alarm caused by unverified reports circulating in certain media outlets.
In the statement released by the acting Director of Corporate Communications, Hakama Sidi-Ali, on Wednesday, the CBN clarified, “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 Central Bank of Nigeriaabout the health status of Nigerian banks.”
The Central Bank of Nigeriaemphasized its readiness and capability to fulfill its statutory duty of maintaining a stable financial system in Nigeria. The public was assured of the safety of their funds in Nigerian financial institutions, and bank customers were advised to proceed with their banking transactions as usual.
This clarification comes in response to a report by the Central Bank of Nigeriaspecial investigator, Jim Obazee, who alleged that the former governor of the apex bank, Godwin Emefiele, used proxies to establish two financial institutions. The report had led to speculations about the possibility of the CBN taking over 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 Central Bank of Nigeriarecent statement aims to dispel any uncertainties surrounding the health of Nigerian banks and reinforce confidence in the stability of the financial sector.