“No Cause For Concern”- CBN Assures Stability of Banking Sector

Following speculations that the Federal Government would take over some some financial institutions in the country, the Central Bank of Nigeria, CBN has assured Nigerians of the safety of funds in Nigerian banks.

Emphasising the stability of the country’s banking sector, the apex bank advised the public to continue with their regular banking activities without succumbing to the alarm caused by unverified reports.

The CBN gave the assurance on Wednesday, in a statement issued by the acting Director, Corporate Communications, Hakama Sidi-Ali.

The apex bank stated that it is fully equipped to carry out its statutory duty of upholding a stable financial system in Nigeria.

The statement reads partly: “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.

“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 ( to proceed with their banking transactions as usual, as there is no cause for concern.”

The clarification comes after the report by the CBN’s special investigator, Jim Obazee, that the embattled former governor of the apex Bank, Godwin Emefiele, used proxies, to set up two financial institutions.

The report fuelled speculations that the CBN may take over Titan Trust Bank (former Union Bank) and Keystone Bank.

Obazee, appointed special investigator in July 2023, submitted his final report tagged, ‘Report of the Special Investigation on CBN and Related Entities (Chargeable offences) to the Presidency on December 20, 2023.