CBN REASSURES PUBLIC ON BANKING STABILITY AMID GTCO ALLEGATIONS
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In a strong show of support for Guaranty Trust Holding Company (GTCO), the Central Bank of Nigeria (CBN) has decisively debunked false allegations against GTCO and its executive management, labeling the claims as baseless and propagated by unqualified entities. This affirmation came in a statement released today by the apex banking authority, which sought to reassure the public about the safety of their deposits in Nigerian banks.
Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, emphasized the bank’s commitment to maintaining the stability and reliability of the Nigerian financial system. “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 recognize the critical role that public confidence plays in banking operations, and we affirm that all deposits in Nigerian banks are secure,” the statement read.
The CBN underscored its ongoing efforts to uphold rigorous regulatory standards within the banking sector. These efforts include regular stress tests to identify vulnerabilities, the implementation of Early Warning Systems for proactive risk detection, and a Risk-Based Supervision framework that targets institutions with the highest financial system risks.
In light of recent smear campaigns, GTCO also issued a statement refuting the circulating media reports regarding its business activities and executive team. The company reassured customers, shareholders, and stakeholders to disregard the unfounded allegations and clarified that its management is not under any financial or regulatory scrutiny. “Based on the incessant release of false news reports on GTCO’s business activities, it has become necessary to set the record straight and dispel attempts by certain groups to create a false narrative about the GTCO brand and its management,” the statement noted.
Furthermore, GTCO announced its intention to seek legal redress against those responsible for the false reports. The company stressed its commitment to providing credible banking and financial services while maintaining the integrity of its executive team, which continues to operate without any undue scrutiny.
The CBN also highlighted its international regulatory collaborations, noting established Memoranda of Understanding (MoUs) with authorities in countries where Nigerian banks have subsidiaries. This cooperation ensures compliance with global banking regulations, reinforcing the safety and soundness of Nigerian banks both domestically and abroad.
In conclusion, the CBN remains steadfast in fostering a secure banking environment, assuring depositors of the continued safety of their funds. The apex bank will monitor developments closely and adapt its strategies to protect the financial interests of all Nigerians and stakeholders in the financial system.
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