Your Money is safe in banks, CBN assures depositors

The Central Bank of Nigeria has assured depositors in commercial banks of the security of their money.

Amid widespread rumours, raising concerns about the health of Nigerian banks, the CBN asked the people not to panic and to continue with their usual banking activity.

To ease people’s anxieties and comfort them, the CBN emphasized its readiness and capability to carry out its role of maintaining a stable financial system in Nigeria.

“The Central Bank of Nigeria has noticed reports, in certain media outlets, about a recommendation for the Federal Government to take over some CBN-supervised financial institutions,” the apex bank said in a statement on Wednesday signed by acting Director, Corporate Communications, Hakama Sidi-Ali.

“To avoid any doubt, Nigerian banks are still safe and sound. The CBN advises the public to go about their daily lives without getting disturbed by reports regarding the health of Nigerian banks that have not come from the CBN.

“The CBN is fully equipped to carry out its statutory duty of ensuring the stability of Nigeria’s financial system.

“We assure the general public and depositors that their funds are safe in Nigerian financial institutions.

“Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern,” it added.

The statement follows a report by the CBN’s special investigator, Jim Obazee, alleging that Godwin Emefiele, the former governor of the apex bank, used proxies to establish two financial institutions.

According to the report, Emefiele utilised proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without providing any proof of payment. Titan Trust Bank Ltd had denied the allegation.

As a result, it recommended that the Federal Government reverse the sale and takeover of the banks.