The Central Bank of Nigeria (CBN) has issued a firm statement reassuring customers about the security of their funds within Nigerian banks, emphasizing the stability of the country’s banking sector. This announcement comes in response to widespread unverified rumors raising concerns about the health of Nigerian banks.

The CBN urged the public not to panic and to continue their regular banking activities. In a statement, Acting Director of Corporate Communications Hakama Sidi-Ali reiterated the CBN’s commitment to maintaining a stable financial system in Nigeria.

“The CBN has noticed reports in certain media regarding recommendations for the Federal Government to take over some CBN-supervised financial institutions. To clarify, Nigerian banks are safe and sound. We encourage the public to go about their daily lives without worrying about unverified reports,” Sidi-Ali stated.

The reassurance follows allegations made by a CBN investigator, Jim Obazee, regarding former CBN Governor Godwin Emefiele’s involvement in the establishment of two financial institutions using proxies. The report recommended that the Federal Government reverse the sales of Union Bank of Nigeria to Titan Trust Bank Limited and Keystone Bank, citing a lack of proof of payment.

The CBN emphasized its proactive measures, including regular stress tests to identify potential vulnerabilities in banks and the implementation of Early Warning Systems to detect and address emerging risks.

“The CBN is committed to ensuring that all deposits in Nigerian banks are secure and that banks adhere to established regulations and best practices,” the statement continued.

Additionally, the CBN has established Memoranda of Understanding with countries hosting subsidiaries of Nigerian banks to enhance regulatory coordination and ensure compliance with both domestic and international banking regulations.

This announcement comes amid misleading reports concerning the business activities and financial results of Guaranty Trust Holding Company Plc (GTCO), further underscoring the CBN’s role in maintaining confidence in the banking sector.