CBN confirms investigating some banks

Niyi Jacobs

The Central Bank of Nigeria (CBN)  has confirmed that it was fully aware and indeed a part of the on-going investigations of certain financial transactions in some banks by law enforcement authorities, and assured all customers, other stakeholders, and the general public of safety and soundness of the Nigerian banking industry.

The Economic and Financial Crime Commission (EFCC) recently stormed three major banks and arrested and later released their chief executives over possible involvement in money laundering.

The CBN, according to a statement by its acting Director, Corporate Communications, Isaac A. Okorafor said, it “is also carrying out its own 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 EFCC last week arrested the Managing Director of Access Bank, Herbert Wigwe, in Lagos. Earlier, the Commission’s agents visited the offices of Sterling Bank in Lagos, during which the bank’s Managing Director, Yemi Adeola, was picked up for questioning.

Also, Fidelity Bank’s Managing Director, Nnamdi Okonkwo was also arrested by the agency amid allegations of his involvement in the money laundering activities of former Petroleum Resources Minister, Diezani Alison-Madueke to the tune of $115 million.