In a bold move to counter misinformation, the Central Bank of Nigeria (CBN) has come to the defense of Guaranty Trust Holding Company (GTCO), dismissing recent allegations against the company and its leadership. These claims, spread by anonymous sources, were labeled false and misleading by the CBN in a statement released today.

Signed by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, the CBN’s statement reassured the public of the safety and security of deposits in Nigerian banks, emphasizing the apex bank’s role as the primary regulator of the nation’s financial system. “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,” the statement read, underscoring that all Nigerian bank deposits are protected.

In addition to debunking the unfounded accusations, the CBN reaffirmed its commitment to maintaining strict regulatory oversight. This includes the continuous application of stress tests to detect and address any potential vulnerabilities in the banking sector. The CBN also employs Early Warning Systems designed to identify and mitigate risks before they escalate.

Through its Risk-Based Supervision framework, the CBN targets high-risk financial institutions to ensure the sector’s overall stability. This approach ensures that the CBN can swiftly address emerging issues, promoting confidence and security among depositors and stakeholders alike.

Furthermore, the CBN highlighted its international partnerships, including Memoranda of Understanding (MoUs) with foreign regulators, to guarantee that Nigerian banks comply with both domestic and global financial standards. This collaborative effort ensures the safe operation of Nigerian banks, both at home and abroad.

The CBN concluded its statement by assuring Nigerians that it will continue to monitor developments in the banking industry and remain proactive in safeguarding the nation’s financial health.