CBN Urge Bank Customers to Remain Calm Following Rumour of Fg Plan to Lock Some Banks

The Central Bank of Nigeria (CBN) has come out to reassure bank customers that their funds are secured in their accounts. The apex bank also stated that there was no need for panic withdrawals.

This was announced in a statement signed by Sidi-Ali Hakama, the CBN's acting director of Corporate Communication.

The CBN has said that some reports were flying around in different media outlets that the Federal Government plans to take over some CBN-supervised financial institutions.

The CBN has urged depositors to disregard these reports, as they are not officially from the apex bank nor the Presidency in such a move.

The CBN also noted that it is fully equipped to carry out its statutory duties in ensuring the stability of financial institutions in the country.  

The Statement Reads,

• The Central Bank of Nigeria (CBN) has noticed reports in certain media outlets recommending the Federal Government 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.

Before Now 

The CBN special investigator, Jim Obazee, reported that the federal government is planning to take over two banks illegally sold to former CBN governor Godwin Emefiele. 

In the report, Emefiele used proxies to acquire Union Bank of Nigeria for Titan Trust Bank Limited and Keystone Bank without any evidence of payment. 

However, the spokesperson of Titan Trust Bank Limited debunked the report, claiming that the acquisition of Union Bank followed due process and had authorized legal backing.