Infostride News has received confirmation from the Central Bank of Nigeria (CBN) assuring bank users of the safety of their funds in their respective accounts. In a statement signed by the CBN’s acting director of Corporate Communication, Sidi-Ali Hakama, the apex bank emphasized the stability of financial institutions and discouraged panic withdrawals.
Reports circulating in various media outlets suggested that the Federal Government was considering taking over some CBN-supervised financial institutions. The CBN promptly discredited these rumors, asserting that such information did not originate from them. The central bank highlighted its readiness to fulfill its statutory duties in safeguarding the stability of financial institutions across the country.
The CBN’s statement reiterated, “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.”

Providing context to the situation, a leak report from CBN special investigator Jim Obazee alleged that the federal government was planning to take over two banks that were allegedly illegally sold to former CBN governor Godwin Emefiele. The report claimed that Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment.
In response to these allegations, the spokesperson of Titan Trust Bank Limited issued an official statement, refuting the CBN special investigation report. The statement emphasized that the acquisition of Union Bank followed legal and due process. As the controversy unfolded, the CBN investigation panel sent a letter inviting the chairman of Titan Trust Bank and two other board members for further inquiries.
These developments have created a level of uncertainty within the financial sector, prompting the CBN to reassure the public of the safety and soundness of Nigerian banks. The apex bank’s commitment to upholding a stable financial system and its denial of any plans for a government takeover aim to restore confidence among depositors and curb potential panic withdrawals.
It is crucial for stakeholders, including bank customers, to rely on official statements from regulatory authorities and financial institutions during times of uncertainty. As the situation continues to evolve, Infostride News will keep readers informed about any further developments and official responses from relevant parties.
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