By Sunday Elijah
Central Bank of Nigeria (CBN) has reassured depositors across Nigeria of the safety of their funds at Guaranty Trust Bank (GTBank).
The assurance is in response to recent allegations against Guaranty Trust Holding Company (GTCO) Plc and its Executive Management.
On Friday, a group, Global Integrity Crusade Network (GICN), released a Private Investigative Report signed by its President, Edwin Omaga, alleging a series of “unscrupulous, unethical and criminal activities” against Guaranty Trust Bank Limited.
But in a statement, the Acting Director of Corporate Communications of CBN, Hakama Ali, dispelled any fears and reaffirm the public’s confidence in the banking sector.
“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,” the statement said.
The bank assured depositors that their funds are safe and encouraged them to continue their banking activities without concern, emphasizing CBN’s unwavering commitment to maintaining a robust and secure financial system.
It further says, “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.
“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.”
