August 31, 2018

Hanging funds: CBN assures Savannah Bank’s customers of resolution


Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

Governor, Central Bank of Nigeria (CBN), Mr Godwin Emefiele

By Elizabeth Adegbesan

The Central Bank of Nigeria (CBN), yesterday, assured bank customers who were victims of the Savannah Bank crisis that it would ensure that they get their hanging funds.

Speaking at the Summit, the CBN Governor, Godwin Emefiele, who was represented by T.Y Ahmed, acting Director, Consumer protection Department, CBN, gave the assurance at the 3rd biennial Bank Customers Summit organised by Bank Customer Association of Nigeria (BCAN) in Lagos.

He stated: “On Savannah bank. I want to say that the CBN is aware of the issues involved and a lot of attention is been given to that and we will know what can be decided in the case of the bank”.

President of BCAN, Dr. Uju Ogubunka, had earlier in his welcome address, raised the issue of the hanging funds of customers of the defunct Savannah Bank.

He said: “Some of us who were here last 2 years; we recall that we raised an issue about Savannah Bank that is still hanging in the balance. That bank is hosting large deposits of our members, for the past 17 years or more. Nobody seems to know what is happening to the resumption or otherwise liquidation of the bank, so that NDIC that is here represented can give our members who have accounts in that bank a little knowledge about the issue.

“As we all probably know, many of the people that hold accounts in Savannah Bank have died out of frustration and even their dependants are suffering.