Bank customers face no risk to their deposits despite the CBN’s recapitalisation deadline, as affected banks’ customers would be transferred if necessary, says Uju Ogunbunka.
Dr. Uju Ogunbunka, president of the Bank Customers’ Association of Nigeria, has clarified the fate of customer deposits following the Central Bank of Nigeria (CBN) March 31 recapitalisation deadline. Speaking in an interview on Monday, Ogunbunka explained that banks unable to meet the new minimum capital requirements or secure a merger would have their customers transferred to other financial institutions.
According to him, “I don’t think there is risk here other than the bank’s customers moving to other banks in the case of inability to get a merger or liquidation.” He further reassured customers, stating, “I can’t tell the exact number of banks that have met up with CBN’s recapitalization requirement because the data is updated daily, but I think there is no cause for alarm among bank customers.”
Last month, the apex bank confirmed that at least 20 banks have already met the recapitalisation requirement. The CBN had initially raised the minimum capital thresholds for banks in March 2024 as part of efforts to strengthen the country’s financial system and enhance banking sector stability.
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