CBN assures depositors of non-collapse of banks


By Agency reporter   Tuesday, 14 Sep 2010

The Central Bank of Nigeria has assured depositors that no bank will collapse again in the country with the current reform in the banking sector.

The Deputy Governor, Financial Stability and Banking Supervision, CBN Mr. Kingsley Mmuoghalu, gave the assurance when he visited Governor Peter Obi of Anambra State in Awka on Sunday.

Mmuoghalu said the apex bank was in the process of getting strategic investors for all the banks, which had their chief executives changed recently due to the banks‘ weak financial position.

He also said that the reform in the sector would guarantee the establishment of regional, national and international banks across the country.

This, according to the CBN deputy governor, will engender a more stable and viable banking system in Nigeria.

Mmuoghalu said he was in Anambra on behalf of the apex bank to seek areas of possible collaboration with the state government.

He listed such areas to include development financing, especially agricultural financing, and credit facilities to manufacturers as well as medium and small-scale enterprises.

The deputy governor announced that the CBN office complex under construction in Awka would soon be completed and inaugurated.

Responding, Obi assured the apex bank of the readiness of his administration to enter into any collaboration that would lead to the speedy development of the state.

Source: The Punch



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