Dr. Uju Ogunbunka, president of the Bank Customers’ Association of Nigeria, has assured bank customers that their deposits remain safe following the Central Bank of Nigeria’s (CBN) March 31 recapitalization deadline.
In an interview on Monday, Ogunbunka explained that banks failing to meet the minimum capital requirements or secure a merger would have their customers transferred to other financial institutions. “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 said.
He further reassured the public, noting, “I can’t tell the exact number of banks that have met the 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 CBN confirmed that at least 20 banks have already complied with the recapitalization requirement, which the apex bank had initially raised in March 2024.
