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CBN Stands Firm in Support of GTCO, Reassures Public on Safety of Bank Deposits

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In a strong display of support for Guaranty Trust Holding Company (GTCO) and to counter unfounded allegations circulating in the media, the Central Bank of Nigeria (CBN) issued a press release today, reaffirming the safety of deposits held in Nigerian banks.

The statement, titled “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds,” was signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali. It opens with a resolute assurance to the public: “The Central Bank of Nigeria (CBN) wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.”

The release emphasizes the importance of maintaining public confidence in banking operations, declaring that “all deposits in Nigerian banks are secure.” It outlines the CBN’s active role in ensuring that financial institutions adhere to established regulations and best practices, which are essential for preserving the integrity of the financial system. Regular stress testing is conducted to identify potential vulnerabilities, thereby reinforcing the resilience of banks in the country.

To fulfill its oversight responsibilities, the CBN elaborates on its comprehensive monitoring of licensed banks in Nigeria and their offshore operations. The statement notes, “In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.” The Bank employs a Risk-Based Supervision approach, focusing regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy aims to maintain robust oversight while promoting the overall health of the banking sector.

Moreover, the CBN has established Memoranda of Understanding with various countries where subsidiaries of Nigerian banks operate. This collaboration enhances regulatory coordination, ensuring that these banks function within a safe and sound framework, complying with both domestic and international banking regulations.

In conclusion, Mrs. Sidi Ali emphasized the CBN’s commitment to creating a secure banking environment, stating, “The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system.”

 

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Eid-ul-Fitr: Oseni Urges Muslims to Uphold Ramadan Virtues, Calls for National Unity

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As Muslims around the world celebrate Eid-ul-Fitr, marking the end of the holy month of Ramadan, the lawmaker representing Ibarapa East/Ido Federal Constituency in the House of Representatives, Engr. Aderemi Oseni has urged the Muslim faithful to uphold the virtues of Ramadan in their daily lives.

According to a statement on Sunday by his media aide, Idowu Ayodele, the lawmaker congratulated the Muslim Ummah on the successful completion of the month-long fasting and encouraged them to reflect on the values of sacrifice, self-discipline, and devotion to God, which Ramadan represents.

He emphasised that Ramadan is not only about fasting but also about fostering compassion, patience, and love for one another—values he described as crucial for national unity and development.

“As we celebrate this year’s Eid-ul-Fitr, I encourage my Muslim brothers and sisters to continue embodying the noble virtues of Ramadan. Let the spirit of sacrifice, empathy, and community service guide our actions beyond this season,” the statement read.

Oseni, who chairs the House Committee on the Federal Roads Maintenance Agency (FERMA), also underscored the importance of national cohesion, urging Nigerians to work together to promote peace and stability. He called on leaders at all levels of government to implement policies that address economic challenges, security concerns, and infrastructural development.

He further reassured his constituents in Ibarapa East/Ido of his commitment to quality representation, pledging to continue advocating for policies that prioritise their welfare and development.

Oseni also appealed to religious leaders to use their platforms to preach unity and patriotism, stating that Nigeria’s progress depends on the collective efforts of its citizens in fostering tolerance and peaceful coexistence.

“Eid is a time of joy, reflection, and gratitude. Let us celebrate responsibly while remembering to extend kindness to the less privileged. May Almighty Allah accept our prayers and grant our nation lasting peace and prosperity,” he added.

 

 

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Eid-el-Fitr: Oyo APC Chieftain, Oladiran Alabi, Greets Muslims, Calls for Unity

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A chieftain of the All Progressives Congress (APC) in Oyo State and former House of Assembly candidate for Ibadan South-West Constituency I, Hon. Oladiran Alabi, has congratulated Muslims on the occasion of Eid-el-Fitr, urging Nigerians to embrace unity and peaceful coexistence.

In a statement on Sunday, Alabi commended the Muslim faithful for their devotion and sacrifices during the holy month of Ramadan, stressing the need to uphold the values of love, tolerance, and compassion beyond the fasting period.

He said, “The end of Ramadan is a time for reflection, gratitude, and renewed commitment to the principles of Islam. I felicitate with my Muslim brothers and sisters and pray that Almighty Allah accepts their supplications and rewards them abundantly.”

Alabi also emphasised the importance of unity in addressing Nigeria’s socio-political and economic challenges, urging leaders and citizens alike to foster harmony irrespective of religious and ethnic differences.

“Our strength as a nation lies in our unity. It is imperative that we work together to promote peace and development. I call on all Nigerians to prioritise national interest above personal or sectional gains,” he added.

He further urged political leaders to implement policies that would improve the welfare of the people, enhance economic growth, and strengthen security across the country.

The APC stalwart prayed for a peaceful and prosperous Nigeria, wishing the Muslim community a joyous and spiritually fulfilling Eid celebration.

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Tinubu at 73: FERMA House Committee Chair, Oseni Hails President’s Leadership

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Says Tinubu’s policies shaping Nigeria’s future

 

The Chairman, House of Representatives Committee on the Federal Roads Maintenance Agency, (FERMA), Engr. Aderemi Oseni has congratulated President Bola Tinubu on his 73rd birthday, describing him as a transformative leader whose commitment to national development remains unwavering.

In a statement on Saturday by his media aide, Idowu Ayodele and made available to journalists in Ibadan, the lawmaker, who also represents Ibarapa East/Ido Federal Constituency in the House of Representatives, praised Tinubu for his visionary leadership and dedication to Nigeria’s progress. According to him, the President’s political trajectory and governance philosophy have laid the foundation for a more prosperous nation.

“President Tinubu’s contributions to Nigeria’s political and economic development are unparalleled. His leadership has inspired a new era of governance rooted in progressive ideals and economic transformation,” Oseni said.

The lawmaker highlighted the President’s role in fostering democratic growth, strengthening institutions, and implementing key economic reforms aimed at stabilising the nation. He added that Tinubu’s policies, particularly in infrastructure and road rehabilitation, are crucial to Nigeria’s long-term development.

Oseni commended Tinubu for prioritising road infrastructure, stating that a well-maintained road network is essential for economic expansion and national cohesion. He pledged his committee’s continued support in ensuring that FERMA’s projects align with the administration’s Renewed Hope Agenda.

Beyond infrastructure, the lawmaker lauded Tinubu’s economic policies, including efforts to attract foreign investments and promote industrialisation. He expressed optimism that the government’s initiatives would yield tangible results, urging Nigerians to remain patient as reforms take shape.

“As a nation, we must rally behind the President’s agenda for economic recovery. Nation-building is a collective effort, and we must support policies that drive growth, stability, and prosperity,” he stated.

Oseni prayed for the President’s good health and strength, urging leaders across the country to emulate Tinubu’s resilience, strategic foresight, and inclusive governance.

 

 

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