Nigeria: CBN assures depositors secured funds in banks

The Central Bank of Nigeria (CBN) has provided assurance to depositors and customers of Nigerian banks regarding the safety of their funds.

The affirmation was conveyed in a statement by Hakama Sidi-Ali, the Acting Director of the Corporate Communications Department at the CBN.

Mrs. Sidi-Ali explained that the assurance stemmed from reports suggesting a recommendation for the federal government to take control of certain financial institutions supervised by the CBN.

Unconfirmed reports from various media outlets, including the News Agency of Nigeria (NAN), suggest plans by the CBN to potentially take control of Titan Trust Bank (formerly Union Bank) and Keystone Bank.

Allegedly, this is connected to a report by Jim Obazee, CBN’s special investigator, claiming that the former governor of the bank, Godwin Emefiele, utilized proxies to acquire the two financial institutions.

“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,” she said.

She encouraged bank customers to carry on with their usual banking transactions, emphasizing that there was no reason for concern.

source: premiumtimesng.com