Home Business & Economy CBN puts banks under investigation

CBN puts banks under investigation

Central Bank of Nigeria said that it is investigating activities of some banks in the country with respect to certain financial transactions.

The CBN had in a statement issued by Ag Director of Corporate Communications Mr. Isaac Okorafor revealed that it is conducting the investigation in partnership with relevant agencies of government.

“The Central Bank of Nigeria (CBN) wishes to inform all customers of Deposit Money Banks, other stakeholders, and the general public that it is fully aware and indeed a part of the on-going investigations of certain financial transactions in some banks by law enforcement authorities” the statement read in part.

CBN had further revealed that is carrying out special examinations and investigations to ascertain the veracity of some allegations, as well as the extent and persons that may be involved in such activities.

“The Bank would like to reiterate that financial system stability remains a priority and therefore assures customers and stakeholders that it would not allow the Banking System to be used as a conduit for any illicit transactions.

Some of these investigations are routine and only relate to isolated transactions, therefore it is important to state that the safety and soundness of the Nigerian banking industry remain strong” the apex bank added.

It would be recalled that authorities of the Economic and Financial Crimes Commission (EFCC) had in recent weeks clamped down on some banks accused of indulging in unauthorized transactions.


Total Views: 501 ,


Leave a Reply