CBN guarantee safety of bank depositor funds

The Central Bank of Nigeria (CBN) has guarantee safety of bank depositor’s funds in various financial institutions across the country.

In a statement issued  on Wednesday, Director of corporate communications, Hakama Sidi-Ali,  encouraged citizens to continue their normal banking activities without yield to unverified rumours.

Sidi-Ali emphasized that 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 press statement was issued  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, headed  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 Titan Trust Bank.

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

See below the Central Bank of Nigeria  Press Release