Financial experts and experienced economists are urging caution in handling the Special Investigation report on the Central Bank of Nigeria (CBN) to prevent undermining public confidence in the institution. The leaked report contains serious allegations against various CBN officials, including former governor Godwin Emefiele, currently facing fraud charges from the Economic and Financial Crimes Commission (EFCC), and his deputy governors,Daily Trust reports.
The report also raises concerns about the acquisition of Union Bank of Nigeria, Keystone, and Polaris Banks by Emefiele. Experts warn that the controversy surrounding these allegations may negatively impact both the CBN and commercial banks, affecting customer confidence and market perception, leading to reputational challenges.
Abiola Rasaq, former Economist and Head of Investors Relations at the United Bank for Africa, emphasizes the sensitivity of the CBN and the need for diligence in addressing issues related to such crucial institutions. He calls for a balanced approach to rectify errors without further damaging the integrity of the system.
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Professor Michael Obadan, a member of the CBN’s Monetary Policy Committee, criticizes the leaked report, stating that it is unprofessional and against public service practice. He warns that such leaks could disrupt financial markets and stock prices, although he acknowledges that the Nigerian economy is characterized by imperfect markets that may be insensitive to shocks.
Professor Uche Uwalake, a capital market expert, underscores the fragility and sensitivity of the financial system. He urges the Special Investigator to exercise discretion to prevent premature public disclosure, which could lead to panic withdrawals and affect the affected banks.
Dr. Uju Ogubunka, Former President of the Bank Customers Association of Nigeria (BCAN), recommends appointing an independent and neutral third party, possibly from professionals in accounting and banking, to verify and authenticate the issues raised in the report.
In response to the speculation, the Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi-Ali, reassures the public of the safety of their funds in Nigerian financial institutions. She emphasizes that the CBN is fully equipped to uphold a stable financial system in Nigeria and advises bank customers to proceed with their transactions as usual.
