CBN Opens Up on Safety of Depositors’ Funds in UBA, Access, Other Banks

• The Central Bank of Nigeria has dismissed misleading reports about a licensed financial institution and reassured the public that the banking sector remains robust and safe
• It emphasised its continuous monitoring of financial institutions through strong risk-based oversight and early warning systems to quickly address any issues
• The CBN urged the public to rely only on official information sources and disregard unverified claims to maintain confidence in the financial system

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Despite recent allegations, the Central Bank of Nigeria (CBN) has reassured the public that the nation's banking industry remains robust and healthy.

The apex bank, in a statement issued on Monday, May 19, 2025, by its Acting Director of Corporate Communications, Hakama Ali, responded to what it described as 'misleading information' about the activities of a licensed financial institution, which had been circulating in certain periodicals and on social media.

CBN allays fears about the banking industry

The bank reiterated its dedication to closely monitoring all financial institutions under its control using strong frameworks such as risk-based oversight and early warning systems, to quickly identify and resolve any emerging problems.

It advised the public to rely on official sources for factual information about the financial system and to disregard sensational or unsubstantiated reports.

“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. Like all other regulated institutions, the institution referenced in these reports is held to stringent regulatory requirements, and there is no cause for concern regarding the safety of depositors’ funds.

“The Bank affirms that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision. These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system.

“We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system.

“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,” the statement read.

FCMB, others set to meet CBN requirements

Legit.ng earlier reported that all indicators show that several Nigerian banks are on course to meet and surpass the Central Bank of Nigeria’s (CBN) recapitalisation targets even before the March 2026 deadline.

Several major players in Nigeria’s banking industry, including FCMB and GTCO, have completed the initial phase of their capital-raising efforts through public offers, rights issues, and, in some cases, private placements.

Interestingly, the market outlook remains positive, especially given the enthusiasm that has driven already completed capital raising exercises.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng