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Economy: Consumers’ deposits safe in banks, no cause for alarm, CBN assures

*The Central Bank of Nigeria asserts no cause for alarm, as the country’s Deposit Money Banks remain safe and sound, urging depositors and the general public to continue their regular activities without distraction by certain reports about the health status of the financial institutions

Isola Moses | ConsumerConnect

Amid current widespread speculations via a section of the media, the Central Bank of Nigeria (CBN) has assured depositors of the safety of their funds in Nigerian banks, as the banking sector regulator restated the health of Deposit Money Banks (DMBs) in the country.

ConsumerConnect reports the Bank’s latest assurance to DMBs’ depositors results from recent hints making the rounds, that the Federal Government “will take over” some banks after Mr. Jim Obazee, CBN Special Investigator’s submission of a report to President Bola Ahmed Tinubu, indicting Mr. Godwin Emefiele, ex-Governor of CBN.

Dr. Olayemi Cardoso, Governor of CBN

Hakama Sidi-Ali, Acting Director of Corporate Communications at CBN, in a statement issued Wednesday, December 26, 2023, however dismissed the reports that the Federal Government would take over some CBN-supervised banks after Obazee’s report to the Presidency.

Earlier, Obazee, appointed CBN Special Investigator, who President Tinubu appointed for the assignment July this year, had indicted Emefiele.

In the report, it is alleged that the ex-CBN Chief allegedly used proxies to set up two financial institutions, fuelling speculations that the apex bank might take over the two banks amid the controversial acquisition.

The Bankers’ Bank stated: “The Central Bank of Nigeria 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 Bank also said: ‘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.”

The CBN further stated: “Bank customers are therefore, advised to proceed with their banking transactions as usual, as there is no cause for concern.”

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