CBN Reassures Public on Bank Safety Amid Takeover Rumors

by David Okoye

The Central Bank of Nigeria (CBN) has affirmed the safety of deposits amid speculations of a government takeover of some CBN-supervised institutions. The Acting Director of Corporate Communications at CBN, Hakama Sidi-Ali, dispelled concerns and clarified that Nigerian banks are secure.

The reassurance was prompted by unconfirmed reports, suggesting a government takeover of Titan Trust Bank (formerly Union Bank) and Keystone Bank. These reports allegedly stem from claims by CBN’s special investigator, Jim Obazee, stating that the former CBN governor, Godwin Emefiele, used proxies to acquire these institutions.

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In response, Sidi-Ali emphasized that Nigerian banks remain safe and sound. She urged the public to dismiss alarmist reports not originating from the CBN directly. The CBN is fully equipped to fulfill its duty of maintaining a stable financial system in Nigeria, ensuring the safety of funds held in financial institutions.

To allay concerns further, Sidi-Ali advised bank customers to continue their regular transactions without worry. The CBN’s statement aims to reassure depositors and the general public, emphasizing the resilience of the Nigerian financial system and discouraging any unnecessary panic.

In summary, the CBN’s firm stance and communication seek to quell uncertainties surrounding the speculated takeover, reinforcing confidence in the stability and security of Nigerian banks. The public is encouraged to carry on with normal banking activities as the CBN remains committed to upholding the integrity of the nation’s financial system.

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