Distressed Banks: CBN Urges Depositors Not To Panic

Depositors of the three banks categorised as nationalised banks by the Central Bank of Nigeria (CBN) have been advised not to panic.

The CBN Deputy Governor, Alhaji Suleiman Barau gave the advice in Zaria on Sunday while interacting with journalists.

He said the depositors’ monies would be intact and that there was nothing to worry about.

Barau emphasised that “no depositor’s money will be missing, hence the need for calm.”

He advised the banking public to continue their transactions with the banks, adding that the three banks had been fully taken over by three strong banks to ensure the safety of investors’ money.

The CBN deputy governor listed the banks as Keystone, MainStreet and Enterprise, saying that “government had invested huge amount of money in these banks.”

He, however, noted that “it is not our responsibility to determine whether a bank is distressed or not, it is the responsibility of the Security and Exchange Commission (SEC).”

The three nationalised banks were BankPHB, Sky Bank and AfriBank.

On the controversy surrounding the Islamic banking system, Barau said it was aimed at attracting large segment of Nigerians who did not keep their money in conventional banks.

“Many people do not keep their money in conventional banks because of religious belief but with the Islamic banking system, many will now want to deposit same in the bank.

“It is the duty of the CBN to give authority to those who seek it for them to legally operate.”