Your money is safe in Nigerian banks, CBN assures depositors

The Central Bank of Nigeria has assured depositors of the safety of their funds in the country’s financial institutions.

In a statement on Wednesday, Hakama Sidi-Ali, CBN’s director of corporate communications, encouraged citizens to continue their usual banking activities without succumbing to unverified rumours.

Sidi-Ali also said the financial regulator is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.

“The Central Bank of Nigeria (CBN) has noticed reports, in certain media outlets, about a recommendation for the federal government to take over some CBN-supervised financial institutions,” the statement reads.

“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.

“We assure the general public and depositors about the safety of their funds in Nigerian financial institutions.”

The apex bank, therefore, advised customers to proceed with their banking transactions as usual, as there is no cause for concern.

The regulator’s statement comes amid the recent report by the special investigation panel on the CBN and related entities on the acquisition of Keystone Bank and Union Bank of Nigeria by Titan Trust Bank (TTB).

The panel, led by Jim Obazee, a special investigator, said some persons were used as proxies with the “connivance and assistance” of Godwin Emefiele, the ex-CBN governor, and the central bank, to acquire the banks through TTB.

The panel had asked the federal government to take over Titan Trust and Union banks by strengthening it for a lucrative future sellout.