₦airaland Forum

In a show of strong support for GTCO and move to debunk false allegations being levelled against the GTCO and its Executive Management by faceless and unqualified entities using the media, the Central Bank of Nigeria (CBN), issued a Press Release today reassuring the public that their deposits with Nigerian Banks are safe.

The Statement titled, “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds” and signed by Ag. Director, Corporate Communications, Hakama Sidi Ali (Mrs.), begins with a firm assurance: “The Central Bank of Nigeria (CBN) wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.” It further stated, “The CBN recognises the crucial role that confidence plays in banking operations and wants to affirm that all deposits in Nigerian banks are secure. The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system. Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.”

On how the Monetary Authority fulfills its oversight responsibility, ensuring system-wide monitoring of licensed Banks in Nigeria as well as their offshore operations, the Statement says, “In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.

The Bank’s approach to Risk-Based Supervision ensures that it focuses its regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy allows it to maintain a robust oversight mechanism while promoting the overall health of the banking sector. Furthermore, the CBN has established Memoranda of Understanding with the various countries where Nigerian banks' subsidiaries are located.

This collaboration enhances regulatory coordination and ensures that our banks operate within a safe and sound framework in accordance with banking regulations, both domestically and internationally.”

In closing, the Ag. Director said, “The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”

datola:
This report did not tell us what the issue they are responding to.

rexlims:
Banks I no fit put d small money I get are
1. Access
2. Uba
3. Gtco
4. Firstbank
E get ya

LandMann:
Please Nigerians and bankers if you spot crisis within a bank quickly inform the public so they can withdraw their funds. Nigeria is nothing to write home about. Too much corruption and illiteracy

Beninherbal:
4

AngelicBeing:
Cbn is responding to allegations that GTB is involved in sharp Financial malpractices eg registering about 10,000 customers without their consent and exposing such customers identities to various shady scams/ money laundering and several other backyard oluwole business done by GTB

essentialone:
Reminds me of when Fubara went to report Wike to Tinubu. 😂

datola:
This report did not tell us what the issue they are responding to.

Forkthiefnubu:
But that’s not written in that response

AngelicBeing:
Cbn is responding to allegations that GTB is involved in sharp Financial malpractices eg registering about 10,000 customers without their consent and exposing such customers identities to various shady scams/ money laundering and several other backyard oluwole business done by GTB

professorPABX:
That is my propaganda. That is why I am a Social Media miscreant, and idiot belch by a village witch, confused, stupid and l don't know how to accept other peoples opinion online because l am an idiot raised to power 1000,.

Forkthiefnubu:
Him no no say wike and tinubu Dey work for the same office

thesicilian:
I guess they have to say this, since it will make them look inefficient for another organisation to uncover the fraud in the banking sector they're supposed to be diligently supervising.

What the CBN should be doing is to collaborate with anyone who has info on financial misconduct, instead of employing antagonistic strategies to make themselves look competent.

essentialone:
Those asking CBN to investigate GTB, no even under Nigeria.