Banks Acquisition: CBN Allays Depositors Fears, Says Their Funds Are Safe

Adoga Stephen By Adoga Stephen - Editor-In-Chief
3 Min Read

The Central Bank of Nigeria (CBN) has reassured bank customers that their cash is safe in their accounts, underscoring that panic withdrawals are unnecessary.

This was revealed in a statement issued by Sidi-Ali Hakama, the CBN’s acting director of Corporate Communication. 

According to the apex bank, there have been rumours in various media channels about the Federal Government attempting to take over several CBN-supervised financial firms. 

As a result, the CBN encouraged depositors to dismiss these stories since they did not come from them. 

The top bank stated that it is well able to carry out its statutory obligations in maintaining the stability of the country’s financial institutions.

It 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.”

According to a leaked report by CBN special investigator Jim Obazee, the federal government is going to take over two banks that were fraudulently sold to former CBN governor Godwin Emefiele.

Emefiele, according to the report, utilised proxies to buy Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank with no proof of payment.

Meanwhile, Titan Trust Bank Limited’s representative has refuted the story, arguing that the acquisition of Union Bank was lawful and proper. 

Earlier yesterday, the CBN inquiry panel invited the bank’s chairman and two other board members for more questioning in a letter.

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By Adoga Stephen Editor-In-Chief
Stephen studied Mass Communication at the Lagos State Polytechnic, Ikorodu (now Lagos State University of Science and Technology), where he acquired requisite training for the practice of journalism. He loves the media, and his interest mostly lies in print medium, where his creative writing skill makes him a perfect fit.