Nothing Will Happen To Your Funds, CBN Assures Depositors

The Central Bank of Nigeria (CBN) has asked Nigerians not to fret over the health status of deposit money banks in the country, saying there is no cause for alarm.

On the contrary, the apex insisted that Nigerians banks were stable and trudging on strongly, despite prevailing local and global headwinds and ongoing investigations by a presidential panel.

The assurance was necessitated by a report from the CBN’s special investigator, Jim Obazee, that the embattled former governor of the apex Bank, Godwin Emefiele, used proxies to acquire two financial institutions.

The report also recommended that the Federal Government takes over Titan Trust Bank (former Union Bank) and Keystone Bank.

However, the apex bank, in a statement issued by its acting Director, Corporate Communications, Hakama Sidi-Ali, on Wednesday, advised the public to continue with their regular banking activities without losing sleep over unverified reports querying the health status of Nigerian banks. She added that the CBN was fully equipped to carry out its statutory duty of upholding stable financial system in Nigeria.

She said: “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 and depositors about the safety of their funds in Nigerian financial institutions. “Bank customers are therefore advised to proceed with their banking transactions as usual, as there is no cause for concern.”

Obazee, who was 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.

The report has since caused ripples in the polity as those fingered in various infractions have denied knowledge of them.