Shareholders and public affairs analysts have commended the Central Bank of Nigeria (CBN), for ensuring the stability and safety of Nigerian banks through proactive measures.
President, Renaisssance Shareholders’ Association, Ambassador Olufemi Timothy, who spoke on the stabilising role of the CBN, said the apex bank had acted responsively and proactively in the last couple of years to protect shareholders funds in banks.
The shareholder activist, who urged Nigerians to decry negative rumour making the rounds about some banks, said the interventions of the CBN over the years had ensured that no single Nigerian bank was distressed or in danger of collapse. He said such interventions have preserved shareholders’ investment.
“I can tell you authoritatively that our banks are strong and safe. Despite the global economic recession, and the attendant effect on the financial system, our banks are robust and healthy. The apex bank’s interventions have strengthened our banks”, he said.
It would be recalled that the Central Bank of Nigeria (CBN), had on July 4, 2016 intervened to re-constituted the Board of Skye Bank following the voluntary resignation of some members of the former Board.
The regulator had subsequently extended guarantees to depositors funds and other trading instruments of Skye bank in the interbank market to bolster operators’ confidence in the bank.
As a mark of renewed confidence in the Board and management of the bank, some state governments, notably Lagos threw its weight by entering into a strategic partnership with it, followed by renewal of IGR mandates from others states like Bauchi, Nasarawa, Kano among others.
Meanwhile, a renowned economist, Dr. Biodun Adedipe, has praised the resilience of Nigerian banks in the face of a tough operating environment.
Adedipe who is also the Lead Strategist at Adedipe & Associates, said recent reports from the apex bank have confirmed the position of analysts that the banking industry is stable and safe. He said the CBN demonstrated good judgment by intervening where necessary, adding that such interventions have strengthened the industry.