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Do Not Panic, Your Deposits In Banks Are Safe — CBN To Nigerians

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The Central Bank of Nigeria (CBN) has moved to calm nerves, reassuring Nigerians that their deposits are safe in financial institutions across the country.

This comes after a recent panic sparked by warnings to withdraw deposits from certain banks whose licenses were reportedly withdrawn by the CBN.

A statement by the apex bank’s Ag. Director, Corporate Communications, Hakama Ali on Tuesday, reassured the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.

This reassurance follows a fresh uproar across the country on Monday, warning customers of certain banks to immediately withdraw their deposits, as the licences of those banks had been withdrawn by the CBN.

The statement said, “The CBN actively ensures that banks adhere to established regulations and best practices to maintain the integrity of our financial system. Regular stress testing is conducted to identify potential vulnerabilities, helping to ensure that our financial institutions are resilient.”

“In addition, the CBN 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.”

Furthermore, the CBN stated that it has established Memoranda of Understanding with various countries where Nigerian banks’ subsidiaries are located.

“This collaboration 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 remains dedicated 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,” the statement added.

BIG STORY

Reps Kick As Ibas Allocates N24bn For CCTV, N30bn For Gunboats In Rivers’ 2025 Budget

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The ad hoc committee of the house of representatives overseeing Rivers state has criticised Ibok-Ete Ibas, the state’s sole administrator, over certain allocations in the N1.48 trillion 2025 budget.

The senate had approved the N1.48 trillion appropriation bill for Rivers state on June 25.

A breakdown of the budget shows that N120.8 billion is designated for debt servicing, N287.38 billion for recurrent non-debt spending, and N1.077 trillion for capital projects.

At a budget defence session in Abuja on Monday, Julius Ihonvbere, the house majority leader and chair of the ad hoc committee, highlighted several concerns after reviewing the proposal.

Ihonvbere raised questions about the N24 billion set aside for CCTV, the N30 billion allocated for gunboats, and the N23 billion marked as contingency funds. He called for a full explanation and justification of these figures.

He noted that the budget lacked a medium-term expenditure framework (MTEF), which is a statutory requirement.

Ihonvbere also questioned the state’s decision to finance federal projects without a formal reimbursement agreement from the federal government.

He requested detailed records of local government fund transfers, including how third-tier funds are currently managed.

“We need additional details for those allocations. We request details of the state’s Internally Generated Revenue (IGR) in the last three months,” he said.

“That will enable us to know your financial flows so that we can weigh it against the deficit in the budget in terms of financing it and carrying out some of the projects.

“We also need details of transfers to local governments — essentially, how local government funds that came into the state are being managed at the moment.

“Those documents we have requested must reach us within 48 hours; rest assured that we are all on the same side in terms of getting Rivers working again.

“We want to ensure that we promote a lot of accountability and ensure that the interests of the people themselves, no matter how remote they are from the state capital, are protected.”

Responding for Ibas, Andrew Nweke, senior special assistant on strategy and policy, explained that many of the budget items were inherited by the current administration.

He said the allocations align with the priorities identified by the people of Rivers, following assessments conducted by implementing agencies.

Nweke said the CCTV allocation was intended for installing modern surveillance systems at the government house.

He also said the gunboats were designated for supporting security agencies in patrolling the state’s waterways.

He added that the contingency funds would be used to address emergencies such as flooding and insecurity.

He assured the committee that the requested documents would be submitted.

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BIG STORY

Tinubu Conferred With Knight Commander Of The Order Of Saint Lucia

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The Saint Lucian government has awarded President Bola Tinubu the title of Knight Commander of the Order of Saint Lucia (KCOSL), the country’s highest distinction.

“The Government of Saint Lucia is pleased to announce that, the Governor General has conferred the title of Knight Commander of the Order of Saint Lucia (KCOSL) upon H. E. Bola Ahmed Tinubu, GCFR, President of the Federal Republic of Nigeria,” the country revealed in a post on X.

Tinubu landed in Saint Lucia on Saturday as part of a diplomatic visit to two nations in the Caribbean and South America.

He had earlier addressed a joint session of the Saint Lucian senate and house of assembly.

During his address, Tinubu emphasized the importance of unity among Africans and those of African descent, stressing their common future.

“My visit to Saint Lucia is in keeping with the ideal of building the bridge between Africa and the Caribbean and creating a pathway to deepen economic ties and foster mutual cooperation. It also reflects our desire as a people to advance prosperity, sustainable development, and strengthen familial bonds,” he said.

“Nigeria and the island of Saint Lucia are bound by history, culture, and common aspirations. Our administration is determined to nurture and expand bilateral relations on trade, investment, tourism, education, and cultural exchange, as well as improve consular services for the citizens of both our nations.”

The Saint Lucian government has also announced plans to formalise diplomatic relations with Nigeria, aiming to build a structured platform to deepen collaboration in various mutually beneficial sectors.

“Saint Lucia and the Federal Republic of Nigeria will establish a visa waiver arrangement for holders of diplomatic and official passports from OECS member states,” the government stated.

“Nigeria will provide scholarships to citizens of OECS member countries and extend the services of the Nigerian Technical Aid Corps (TAC) to OECS countries.”

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BIG STORY

Ibadan Poly Students Shut Down School Gates, Block Road Over Renaming to Olunloyo Polytechnic

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Students of The Polytechnic, Ibadan, have launched a large-scale protest following the decision to rename the institution to Omololu Olunloyo Polytechnic, Ibadan.

Gathering in significant numbers, the students closed off the main gate at the South Campus along with other entrances to express their disapproval of the development.

Governor ‘Seyi Makinde had earlier declared during a brief speech at the interdenominational commendation service for the late former governor at Obafemi Awolowo Stadium, Ibadan, that the institution would now be known as “Omololu Olunloyo Polytechnic, Ibadan.”

Previously, the students, through a statement issued by the Student Union Government President, Comrade Oladipupo Olamide, voiced their opposition, calling the renaming “unjustifiable and degrading.”

The protest has caused a major traffic disruption on the busy Sango-Eleyele Road in Ibadan, Oyo State’s capital, leaving many commuters stranded.

In a statement signed by the Executive Chairman, Maj. Adekoya RTd, the Oyo State Road Transport Management Agency advised road users to take alternate routes until the “temporary” road closure is resolved.

According to the release: “The general public are hereby informed of an ongoing student protest at The Polytechnic Ibadan, main Gate, the road in front of the school gate has been temporarily blocked.

“Motorists heading towards Eleyele, Apete, Ijokodo, and nearby areas axis from Sango and vice visa are advised to take alternative routes through Dugbe, Mokola or Ajibode to avoid delays and unnecessary confrontation.

“We appeal to all road users to remain calm, cooperate with traffic officers, and follow all traffic diversion signs.

“Thank you for your understanding.”

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