Amidst widespread rumors causing apprehension about the stability of Nigerian banks, the Central Bank of Nigeria (CBN) has issued a reassuring message, urging the public to remain calm and continue their normal banking activities.
Seeking to quell concerns, the CBN emphasized its preparedness and competence in upholding the stability of the financial system in Nigeria.
In a statement released on Wednesday and signed by Hakama Sidi-Ali, the acting Director of Corporate Communications, the CBN addressed reports circulating in certain media outlets that suggested a recommendation for the Federal Government to take over some financial institutions supervised by the CBN.
The CBN unequivocally stated that Nigerian banks remain secure and robust. It advised the public not to be disturbed by reports concerning the health of the banks that did not originate from the CBN. The statement provided assurance to the general public and depositors, affirming the safety of their funds in Nigerian financial institutions. Bank customers were encouraged to proceed with their banking transactions as usual, as there was no cause for concern.
This statement comes in response to a report by the CBN’s special investigator, Jim Obazee, alleging that the former governor of the apex bank, Godwin Emefiele, utilized proxies to establish two financial institutions. The report claimed that Emefiele employed proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without providing evidence of payment. Titan Trust Bank Ltd has refuted these allegations. The report recommended that the Federal Government reverse the sale and takeover of the mentioned banks.
