The Central Bank of Nigeria, (CBN), has affirmed the safety of funds in Nigerian banks, emphasising the stability of the country’s banking sector.
This comes in the wave of “false” news reports targeting Guaranty Trust Holding Company Plc (GTCO) business activities, financial results, and executive management.
According to a statement issued by its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, yesterday, the CBN emphasised its commitment to the stability of the country’s financial system, highlighting that regular stress tests are conducted to identify potential vulnerabilities in banks.
This statement follows a report by the CBN’s special investigator, Jim Obazee, alleging that the former governor of the apex bank, Godwin Emefiele used proxies to establish two financial institutions.
According to the report, Emefiele utilised proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without providing any proof of payment. As a result, it recommended that the Federal Government reverse the sale and take over the banks.
The statement read in part: “The Central Bank of Nigeria has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions. To avoid any doubt, Nigerian banks are still safe and sound. The CBN advises the public to go about their daily lives without getting disturbed by reports regarding the health of Nigerian banks that have not come from the CBN.
“The CBN is fully equipped to carry out its statutory duty of ensuring the stability of Nigeria’s financial system. We assure the general public and depositors that their funds are safe in Nigerian financial institutions. “Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern”.
Also, the statement said the CBN has entered into Memoranda of Understanding (MoU) with countries where Nigerian banks have subsidiaries.
The apex bank 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.
