CBN: Your money is safe in Nigerian banks

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

“Nigerian banks remain safe and sound,” declared CBN director of corporate communications Hakama Sidi-Ali in a statement on Wednesday.

She urged the public to “continue their regular activities without being alarmed by reports that have not emanated from the CBN” about the health of the banking system.

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

These comments come on the heels of recent reports 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.