The Central Bank of Nigeria (CBN) has assured Nigerian bank customers of the safety of their funds, dispelling concerns arising from a recent investigative report recommending federal government takeovers of certain banks. The report accused former CBN governor Godwin Emefiele of using proxies to acquire banks, including Union Bank of Nigeria and Keystone Bank.
Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi-Ali, issued a statement, emphasizing that Nigerian banks remain safe and sound. She urged the public to continue regular banking activities without being alarmed by reports not originating from the CBN. The statement also highlighted the CBN’s commitment to upholding a stable financial system in Nigeria.
Tropical General Investment Group, the majority owner of Titan Trust and Union Banks, denied any wrongdoing in the acquisition, asserting the transparency and legitimacy of the $500 million capital used for the transaction.
