CBN reaffirms authority and sets record straight, responds to misinformation about GTCO

In a robust defense of Guaranty Trust Holding Company (GTCO), the Central Bank of Nigeria (CBN) has publicly refuted false allegations against GTCO and its Executive Management, disseminated by unqualified and faceless entities.

This clarification was issued in a statement today, reassuring the public that their deposits with Nigerian banks remain safe and secure.

The statement, signed by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, emphasized the bank’s commitment to the stability of Nigeria’s financial system. It 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 recognize the critical role that public confidence plays in banking operations, and we affirm that all deposits in Nigerian banks are secure.”

The CBN reiterated its ongoing efforts to maintain stringent regulatory standards across the banking sector. These efforts include conducting regular stress tests to identify potential vulnerabilities and ensure the resilience of financial institutions. The CBN has also implemented Early Warning Systems designed to proactively detect and address emerging risks, facilitating timely interventions to mitigate any issues.

Through its Risk-Based Supervision framework, the CBN focuses its regulatory attention on institutions posing the highest financial system risks. This targeted approach promotes efficient oversight and supports the overall health and stability of the sector.

Additionally, the CBN highlighted its international regulatory collaborations, noting that it has established Memoranda of Understanding (MoUs) with regulatory authorities in countries where Nigerian banks operate subsidiaries. This cooperation ensures that Nigerian banks comply with both domestic and international banking regulations.

The CBN remains dedicated to fostering a secure banking environment, assuring depositors of the continued safety of their funds. The apex bank will persist in monitoring developments and adapting its strategies to protect the financial interests of all Nigerians and stakeholders within the financial system.