CBN sets record straight, debunks false allegations against GTCO

In a show of strong support for Guaranty Trust Holding Company (GTCO), the Central Bank of Nigeria (CBN) has set the record straight by debunking false allegations being peddled against GTCO and its Executive Management by faceless and unqualified entities.

This was contained in a statement released by the apex banking authority in Nigeria today, reassuring the public that their deposits with Nigerian banks are safe and protected.

In the statement signed by Hakama Sidi Ali, acting director of corporate communications at the CBN, she affirmed the bank’s commitment to the stability of the nation’s financial system. The statement reads, “The Central Bank of Nigeria wishes to reassure the public of its unwavering dedication to ensuring the stability and reliability of the Nigerian financial system. We recognise the critical role that public confidence plays in banking operations, and we affirm that all deposits in Nigerian banks are secure.”

The CBN emphasised its continuous efforts to uphold strict regulatory standards across the banking sector. These efforts include regular stress tests aimed at identifying potential vulnerabilities and ensuring the resilience of financial institutions. The CBN has also implemented Early Warning Systems that proactively detect and address emerging risks, allowing for timely interventions to mitigate any issues that may arise.

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Through its Risk-Based Supervision framework, the CBN directs its regulatory focus on institutions with the highest financial system risks. This targeted approach allows for efficient oversight and promotes the sector’s overall health and stability.

Moreover, the CBN highlighted its international regulatory collaborations, stating that it has established Memoranda of Understanding (MoUs) with the regulatory authorities of countries where Nigerian banks have subsidiaries. This cooperation ensures that Nigerian banks operate within safe and sound frameworks domestically and abroad, fully complying with global banking regulations.

The CBN remains committed to fostering a secure banking environment, assuring depositors of the continued safety of their funds. The apex bank will continue to monitor developments and adapt its strategies to safeguard the financial interests of all Nigerians and stakeholders in the financial system.