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Your bank deposits are safe, CBN reassures Nigerians
The Central Bank of Nigeria (CBN) has again reassured the banking public of the safety of their deposits and the banking system’s resilience.
The apex bank’s Acting Director of Corporate Communications Department, Mrs Hakama Sidi-Ali, gave the assurance in a statement on Monday in Abuja.
Sidi-Ali’s statement was a response to concern in some quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s license revocation,
She faulted claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks.
She also clarified that a circular issued by the Bank on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, was currently being circulated as though it was freshly issued.
According to the director, Heritage Bank’s case was isolated
“Allegations of further revocation of licences prior to the completion of CBN’s recapitalisation exercise are mere fabrications aimed at creating panic within the system,” she said.
She said that bank customers, particularly those of Heritage Bank, needed not worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors.
She urged members of the public to continue their regular banking activities without fear, dismissing any false reports regarding the health of specific Deposit Money Banks.
“The CBN, with its robust regulatory framework, is proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions,” she said.
Sidi-Ali reiterated the assurances of the CBN Governor, Olayemi Cardoso, that the recapitalisation of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks.
She urged all stakeholders to cooperate in ensuring the success of the process, which she said would be for the overall growth of the Nigerian economy.
“Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.
“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system,” she said.(NAN
Lacopo Foti, the ambassador of Italy to Nigeria, says his country is ready to collaborate with Kaduna manufacturing and technology, pledging to support investments from Italian companies in the state.
Foti spoke during a courtesy visit to Hadiza Balarabe, Kaduna’s deputy governor, at the Sir Kashim Ibrahim House on Saturday.
The envoy also highlighted Italy’s willingness to collaborate with the state government.
“We have come to introduce ourselves, learn about the government’s plans, and see if there are investments which you want the Italian Embassy to facilitate,” Foti was quoted as saying in a statement.
“If there are private investments you desire in Kaduna, especially in machinery or manufacturing, or if you have plans for the next few years, let us know. If you’re interested in agricultural machinery companies like tractor plants, we can make contact with them.”
The ambassador also encouraged the state government to approach the Italian embassy for partnerships.
“We are ready to collaborate in manufacturing, technology and other areas,” he added.
Foti expressed optimism that in the coming months, Italy and Kaduna would collaborate on agriculture, education, and training — pending proposals from the state regarding their interests to present to the Italian government.
He said Italian investors would find Kaduna’s climate more favourable than Abuja’s, noting that the state is also people-friendly.
“We have Italians living here; this visit is an opportunity to meet them and see how we can help them and the State Government,” the envoy noted.
In response, Balarabe acknowledged the long-standing relationship between Italy and Nigeria, expressing interest in strengthening economic ties.
She highlighted Kaduna’s advantages in agriculture, solid minerals, tourism, energy, technology, and human capital development, noting that the state is the largest producer of maize, tomatoes, and ginger in Nigeria.
“Italy excels in manufacturing, technology, education, and renewable energy. I hope we can establish collaboration in these areas,” the deputy governor said.
Balarabe, who directed the Kaduna Investment Promotion Agency (KADIPA) to prepare a proposal for the Italian embassy, also expressed hope that the ambassador’s visit would initiate substantial discussions between the state and Italy.
She said Kaduna looks forward to further engagement with the ambassador, expressing hope that it would not be his last visit to the state.
The Executive Committee and Stakeholders of the All Progressives Congress(APC) in Zangon Kataf Local Government Area of Kaduna State have passed a vote of confidence on President Bola Tinubu and Governor Uba Sani ahead of 2027, declaring that there would not be vacancy in the Aso Rock Villa and Sir Kashim Ibrahim House Kaduna during the next election.
This is contained in a communiqué signed by Francis Danladi Kozah and Jerry Irimiya Mark, chairman and co-chairman of the APC stakeholders and read by the council chairman, Joseph Bege.
The communique stated that the decision was taken based on President Tinubu and Governor Uba Sani’s commitments to the peace and security of not just Zangon Kataf, but Kaduna state at large.
According to the stakeholders, the establishment of a military 2nd National Mission Brigade base in the local government has proven to be a pivotal move in sustaining peace in the area.
“Their commitment to the peace and security of our people is evident in the sudden end to attacks on our communities.
“This move reflects the government’s understanding of the critical need for enhanced security measures in areas prone to conflict, thereby fostering an environment where citizens can thrive.
“We urge all residents of Zangon Kataf to remain vigilant and committed to fostering harmony within our communities, as peace is the cornerstone of development,” They said.
The stakeholders lauded Tinubu for appointing Indigenes of Zangon Kataf including Gen. Chris Musa as Chief of Defence Staff and Bishop Hassan Kukah as Pro Chancellor of the Federal University of Applied Sciences, Kachia.
They explained that given the return of peace in the area and the tangible infrastructural development being witnessed, the re-election of Tinubu and Sani was a done deal.
“In light of all that we have benefited from this government, we want to declare that there is no vacancy in Sir Kashim Ibrahim House and Aso Rock come 2027.
“We shall offer our full support to both President Bola Tinubu and Governor Uba Sani in their re-election bid,” they added.
They appreciated Gov. Sani for the ongoing multi-billion naira skills acquisition city that will provide ‘our youths with certified skills, thereby stamping out the root cause of criminality in our society’.
The stakeholders called on people of the local government to rally behind the two leaders as they have shown dedication to their welfare, security and progress.
Nigeria’s public debt rose by 48.5 per cent year-on-year (YoY) to N144.67 trillion ($94.23 billion) in 2024 from N97.34 trillion ($108.23 billion) in 2023.
The Debt Management Office (DMO) disclosed this in its latest public debt profile report.
The debt stock consists of external debt of N70.29 trillion ($45.78 billion) serviced with $4.66 million and domestic debt of N74.38 trillion ($48.44 billion).
The report showed that the country’s external debt increased by 83.89 per cent YoY from N38.22 trillion ($42.5 billion) in 2023.
Domestic debt also grew by 25.7 per cent YoY from N59.12 trillion ($65.73 billion) in 2023.
The report further indicated that the Federal Government’s domestic debt component rose by 32 per cent YoY to N70.41 trillion from N53.26 trillion in 2023.
But the domestic debt of states and the Federal Capital Territory declined YoY by 32 per cent to N3.97 trillion in 2024 from N5.86 trillion in 2023.
The rise in public debt can be attributed to fluctuating trends in exchange rates amidst changes in global economic conditions.
The sharp increase, particularly in external debt, highlights the nation’s vulnerability to exchange rate volatility and changes in global economic conditions.
With the continued depreciation of the naira, the cost of servicing foreign debt could escalate, adding pressure on the country’s financial resources.