The Central Bank of Nigeria (CBN) has issued a statement affirming the safety of funds in Nigerian banks, highlighting the stability of the country’s banking sector. The apex bank urged the public to continue regular banking activities and not succumb to alarm caused by unverified reports circulating outside the CBN regarding the health status of Nigerian banks.
The CBN, through its acting Director of Corporate Communications, Hakama Sidi-Ali, emphasized its readiness to fulfill its statutory duty of maintaining a stable financial system in Nigeria. The statement addressed recent reports suggesting a recommendation for the Federal Government to take over certain CBN-supervised financial institutions.
The CBN’s statement clarified, “Nigerian banks remain safe and sound.” It reassured the public and depositors about the safety of their funds in Nigerian financial institutions. Bank customers were advised to proceed with their regular banking transactions without concern, as the CBN emphasized that there is no cause for alarm.
The need for this clarification arose following 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. Speculations emerged that Titan Trust Bank (formerly Union Bank) and Keystone Bank might face a takeover by the CBN.
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 Offenses),” to the Presidency on December 20, 2023. The CBN’s recent statement aims to allay concerns and reinforce confidence in the stability of Nigeria’s banking sector.