In a recent announcement, the Central Bank of Nigeria (CBN) has moved swiftly to allay concerns regarding the safety of funds held in Nigerian banks. Mrs. Hakama Sidi-Ali, the Acting Director of the Corporate Communications Department at the CBN, emphatically assured depositors and customers of the safety of their funds in the banks.
The assurance comes in response to widespread speculations surrounding a supposed recommendation for the Federal Government to take over certain CBN-supervised financial institutions. Although these reports have been rife, they are yet to be officially confirmed by credible sources.
At the center of the rumors are unverified claims suggesting the imminent takeover of Titan Trust Bank (formerly Union Bank) and Keystone Bank by the CBN. These speculations allegedly stem from a report by Mr. Jim Obazee, a special investigator at the CBN, implicating former governor of the apex bank, Mr. Godwin Emefiele, in the acquisition of the two financial institutions through proxies.
Mrs. Sidi-Ali, seeking to dispel the air of uncertainty, stated, “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,” she affirmed. “We assure the general public and depositors about the safety of their funds in Nigerian financial institutions.”
In light of these developments, she urged bank customers to maintain confidence and proceed with their regular banking transactions, emphasizing that there is no cause for concern.
The reassurance from the CBN serves to stabilize the financial landscape and instill confidence in depositors and customers amidst the swirling speculations. This announcement reinforces the CBN’s commitment to safeguarding the interests of depositors and maintaining the stability of the Nigerian banking sector, thereby positioning it for sustained growth and development.
