• GTCO Refutes Fake News About Operations, Financials, Management

The Central Bank of Nigeria (CBN), on Tuesday morning reassured of its unwavering commitment to ensuring the stability and reliability of the nation’s financial system.

The CBN, according to the statement by Mrs. Hakama Sidi Ali, Acting Director, Corporate Communications, said it recognises the crucial role that confidence plays in banking operations.

It therefore affirmed that all deposits in Nigerian banks are secure, and that it “actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system.”

This, the statement continued, includes the conduct of regular stress testing “to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.”

Additionally, the CBN noted that it “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.”

The statement further noted that the CBN has established Memoranda of Understanding (MoU) with the various countries where Nigerian banks’ subsidiaries are located.

Such partnership, it believes, 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 assured of its dedication “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.”

Investdata News noted that the early statement by the apex bank may not be unconnected with a statement by Guaranty Trust Holding Company Plc on Monday, refuting what it said is false news being peddled against its business activities, financials and executive management on social media.

In the statement posted on the Nigerian Exchange Limited portal, and signed by Erhi Ebebeduo, its Group General Counsel/Company Secretary, the group said what it described as “baseless allegations” were part of attempts “by certain groups to create a false narrative about the GTCO brand and its management.”

The statement said swift legal actions have been taken against the various sources of the false reports “and will use continue to use the full extent of the rule of law available to safegaurd its reputation.”

The group urged customers and shareholders, and indeed, all stakeholders to disregard all such allegations being peddled against it, as the “executive management team continues to operate in their full capacities as appointed and are not under any financial or regulatory scrutiny as alleged.”