The Central Bank of Nigeria (CBN) sought to quell speculations in a press release titled “CBN Assures Depositors Of the Safety Of Their Funds,” dated December 27, 2023. The statement, issued by the Acting Director of Corporate Communications, Mrs. Sidi-Ali Hakama, aimed to address rumors surrounding recommendations for the Federal Government to take over certain financial institutions under CBN supervision.
The Apex bank unequivocally affirmed, “For the avoidance of doubt, Nigerian banks remain safe and sound.” It urged the public to carry on with their routine activities without succumbing to alarm triggered by reports not originating from the CBN regarding the health status of Nigerian banks.
In further clarification, the CBN emphasized, “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 press release concluded with a strong assurance and encouragement for bank customers, stating, “Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern.”
This reassurance comes in the wake of a report by The Special Investigation Panel on the Central Bank of Nigeria (CBN), which summoned the Chairman of Titan Trust Bank (TTB), Babatunde Lemo. Lemo was called concerning the acquisition of Union Bank of Nigeria. In a prior letter addressed to Lemo by the Head of the investigation team, Jim Obazee, it was emphasized that the ex-CBN deputy governor and two others must present themselves on December 28, 2023, “without fail or excuse.”
While these developments may raise questions, the CBN’s press release serves as a robust declaration of confidence in the stability of the Nigerian banking sector. It underscores the commitment of the Apex bank to its role in maintaining a secure financial system, thereby reassuring depositors and the public at large
