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CBN assures depositors: Your funds are secure in banks

CBN denies takeover plans, assures bank customers of safety

The Central Bank of Nigeria (CBN) has debunked rumours that it intends to take over some banks under its supervision, following a report by its special investigator, Jim Obazee.

Obazee, who was appointed by President Bola Tinubu in July 2023, had accused former CBN governor Godwin Emefiele of using proxies to establish two financial institutions, sparking speculations that the CBN might seize the two banks.

However, the CBN, in a statement issued on Wednesday by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the reports were false and misleading.

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The statement read: “The Central Bank of Nigeria wishes to inform the public that there is no truth in the reports circulating in some media outlets that the Federal Government is planning to take over some CBN-supervised financial institutions.

“The CBN assures the public that Nigerian banks are safe and sound, and that the CBN is fully capable of performing its statutory role of maintaining a stable financial system in Nigeria.

“We urge the public to disregard any reports that have not originated from the CBN regarding the health status of Nigerian banks.

“We also assure the general public and depositors that their funds are secure in Nigerian financial institutions.

“Bank customers are therefore advised to continue their normal banking activities without any fear, as there is no cause for alarm.”


Peter Ritdung Wakkias is a Nigerian blogger and programmer, known for being the CEO of and He holds a Higher National Diploma in Computer Science from Isa Mustapha Agwai 1 Polytechnic Lafia. Based in Lafia, Nasarawa State.

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