The Central Bank of Nigeria (CBN) has issued a comprehensive reassurance to depositors and customers of Nigerian banks, emphasizing the security of their funds amidst circulating speculations. Hakama Sidi-Ali, the Acting Director of the Corporate Communications Department of the CBN, provided this assurance in a statement on Wednesday, addressing concerns arising from reports recommending the Federal Government to take over certain CBN-supervised financial institutions.
Sidi-Ali 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.” This clarification comes in light of unconfirmed reports linking the CBN to potential takeovers of Titan Trust Bank (formerly Union Bank) and Keystone Bank.
The Acting Director referred to the alleged involvement of Godwin Emefiele, the former governor of the apex bank, in acquiring these financial institutions through proxies. However, the CBN dismissed these claims, asserting, “We assure the general public and depositors about the safety of their funds in Nigerian financial institutions.”
Sidi-Ali further affirmed the CBN’s commitment to upholding a stable financial system in Nigeria, stating, “The CBN is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.” The public is encouraged to carry on with their banking transactions as usual, with the CBN stressing that there is no cause for concern.
This comprehensive statement aims to dispel uncertainties surrounding the speculated takeover and reinforce confidence in the resilience and stability of the Nigerian banking sector.
