Central Bank of Nigeria Governor, Mr. Godwin Emefiele has reacted to reports that some Nigerian banks are showing signs of distress while addressing the health of the Nigerian banking industry.
Speaking in Abuja at the end of the Monetary Policy Committee meeting on Tuesday, July 27, Emefiele said the reports making the rounds are fake. He also assured that those responsible for spreading the false reports will be exposed if caught.
He said: “Let me say that all those social media messages going round are fake and indeed fraudulent and the CBN is currently doing everything possible to trail those perpetrators who are bent on creating problems to create banking system instability. We hope to unravel those who are behind it and we will bring them to the public if we find them.”
He added that the health of Nigerian banks remains strong.
He said: “I want to say and I repeat that the strategic health of the Nigerian banking industry remains very strong.
“For instance at today’s meeting, data was provided to monetary policy committee members and I will say we reviewed the financial soundness indicators of the Nigerian banking industry. For instance, capital adequacy ratio averages 15.5 per cent.
“For the national banks, they are only meant to have 10 per cent. The international banks, those operating international licenses, they are supposed to operate at 15 per cent. If we have an average of 15.5 per cent, we believe the Nigerian banking industry is well capitalised and can meet any shocks if they arise. Secondly, non-performing loans ratio today stands at 5.7 per cent and our prescribed maximum is five per cent even at a time when there’s global crisis. If we have 5.7 per cent instead of five per cent, I think it’s an indication of a sound banking system.
“Thirdly, liquidity ratio for the banking industry today is 41.4 per cent. What is expected is a minimum of 30 per cent and if the banks have an average of 41.3 per cent, we believe that’s an indication of sound liquidity in the banking system.
“Total assets in the banking industry from the data that we saw today rose from N37.8 trillion in May 2019, two years ago and today total assets of the banking industry N53.6 trillion as at June 2021. Total deposits in banking industry has increased from N22.83 trillion in May 2019 to N33.85 trillion in June 2021. Gross loans have grown from N15.4 trillion in June 2019, to N22.04 trillion in June 2021. Like I said earlier, non-performing loans ratios have dropped from as high as 11.17 per cent in May 2019, to 5.7 per cent in June 2021, against a maximum threshold of five per cent.
“So, where lies the issues on distress? I will like to appeal to members of the banking public to go about and conduct their banking business with any bank of their choice.”
Emefiele assured depositors that the CBN will continue to monitor banks.
He said: “We are monitoring the banks and where we find that there’s some weaknesses in some, we will target the shareholders. That is because we have often told the shareholders and insiders that they don’t own the banks alone. Our analysis shows that if you look at the balance sheet of an average five-year-old bank, the size of the deposits in those banks is almost 10 times the paid up capital of those banks. So, if you ask me, who owns banks? I will say it is depositors that own the banks and not the shareholders. The shareholders just have what I call the fiduciary responsibility which they must perform but where we find them wanting, we will take them out so that the banks can survive and depositors don’t lose their money.”
The CBN Governor also reacted to reports that the CBN will be unveiling its digital currency. He said Nigeria’s digital currency will come into operation by October.
Emefiele said: “Digital currency is what central banks all over the world are providing as alternative to the current money arrangement. What are we saying? You have some naira in your account and you chose to convert part of your naira into a digital wallet by way of a digital currency. Of course, when this starts, the CBN will move some of the balances of banks with CBN to digital currency. So, you go to your bank, you have N10 million and you want N2 million out of that into a digital currency, they will debit your account and move it to your wallet which you can spend across countries.
“So, we think that this is a noble idea and we are not the first, many other central banks are at advanced stages of revealing their own digital currency.
“And our own digital currency which is tagged e-Naira will certainly come into operation by October and we are working very hard for this.
“So, what are the objectives? On payment system, we believe that transactions will be cheaper and more efficient. On the digital economy, the Nigerian economy just like the rest of the world is going digital and cash cannot play in that space. Therefore, the e-Naira which will represent the digital equivalent of cash will be used as the fiat currency to effect transactions.”
Watch the video below…
At 31, Lagos-born Espago is redefining what it means to be a late bloomer in the Nigerian music
space. After spending years as a chef, designer, and farmer, Espago turned to music just a year
ago on a journey sparked by deep loss, life experience, and self-discovery.
What makes him different? It’s not just his sound, it’s his story. Espago brings a calm but
confident energy that mirrors his Lagos upbringing: a blend of vibrant Fuji rhythms and soulful
Afrobeat traditions like King Sunny Ade, shaped by global legends like Michael Jackson and
Celine Dion. His voice? Professionally trained. His brand? Stylish, grounded, and intentional.
Espago didn’t wait for the industry to find him; he found his own way in, teaching himself,
searching out producers, and building his identity from scratch. With no major label backing and
no big-name features, he has still built a brand marked by boldness, emotion, and Lagos street
authenticity.
He’s not just making music; he’s building a lifestyle brand. His creative roots are in food,
fashion, and music fused into something richer than just a “sound.” It’s a full experience. While
he hasn’t performed live yet, he’s putting in the work behind the scenes, mentoring new artists,
recording regularly to sharpen his voice and brand for bigger stages ahead.
In a scene dominated by speed, Espago’s journey is about intentional growth, honest
expression, and emotional connection.
As the new class of Afro‑HipHop begins to take shape, Espago stands out not just for what he’s
making, but for who he is becoming.
Rising artist Derriq isn’t just making music for entertainment; he’s building a legacy rooted in culture, resilience, and pride. The Lagos-based Afro-soul and Afrobeats singer has his eyes set on something bigger than streaming numbers: putting his hometown of Benin City on the global creative map is his dream.
A native of Edo State, Derriq’s musical journey began as a child organizing school parties just for the chance to perform. Since then, he’s gone from studio assistant to full-fledged artist, releasing impactful tracks like “Position,” “Vibration,” and “Confidence.” His sound, described as smooth, calm, and party-ready, reflects the duality of his personality: laid-back yet determined, quiet but powerful.
Derriq is more than just a promising name on Nigeria’s growing music roster; he’s a symbol of the next generation of artists who blend regional identity with global appeal using his distinctive voice, a strong sense of direction, and his signature slang “Yehboo! Yezaiii!” making waves among fans, Derriq is proving that cultural authenticity still cuts through the noise.
His next single, “Omo n’ Ogie,” is a tribute to his heritage and a signal that he’s just getting started. Keep your eyes on Derriq, he’s not just singing for the moment, he’s singing for a movement.
Follow @DerriqMusic on all social platforms
For interviews and press: derriqmusic@gmail.com
Good morning! Here is today’s summary from Nigerian Newspapers:
1. President Bola Tinubu will address the nation in a broadcast today, Sunday, August 4, 2024. Mr Ajuri Ngelale, Special Adviser to the President on Media and Publicity, announced this in a statement, on Saturday, saying the broadcast would hold at 7am.
2. The Commissioner of Police in Borno State, Yusuf Lawal, on Saturday confirmed the killing of four persons along Baga Road in Maiduguri, Borno State during the nationwide #EndBadGoverment protest. He said Boko Haram elements infiltrated the protesters and killed four persons on Thursday with explosives at a filling station.
3. Many persons have been feared killed while others sustained injuries as hoodlums clashed with security operatives in Kano. It was gathered that Rijiyar Lemo, Kurna to Bachirawa areas in Fagge Local Government, Kofar Nassarawa in Kano municipal and Unguwa Uku area of Tarauni Local Government are the worst hit areas.
4. The leadership of the organised labour, on Saturday, warned the Nigeria Police Force and other security forces to stop what it described as a “massacre” of protesters carrying out nationwide demonstrations against hunger in the land.
5. Leading Human Rights group, Amnesty International Nigeria, has said over 50 protesters were arrested in Abuja on the third day of the demonstration against hardship in the land.
6. Former Vice-President Atiku Abubakar has urged the police and other security agencies to stop shooting and killing protesters demanding good governance in Nigeria. Atiku in a statement on Saturday, questioned the professionalism of the security agencies in the handling of the ongoing demonstrations.
7. Some of the organisers and supporters of the ongoing protest have set up pages to raise over N4bn through GoFundMe, a popular online crowdfunding platform. A check on Saturday showed that a total of N4.1bn had been benchmarked to be donated through accounts created by three GoFundMe users.
8. Tragedy struck again in Imo State on Saturday evening when some gunmen reportedly shot dead the President-General of Umucheke Okwe autonomous community in Onuimo Local Government Area of Imo State, Hyginus Ohazurike. Six village heads from the autonomous community were also allegedly killed by the gunmen.
9. The Federal Capital Territory Commissioner of Police, Bennett Igweh has said his men were not responsible for the death of a teenager in the Kubwa area of the FCT. In a viral video, a man claimed that police, while dispersing protesters, shot dead a teenager in the Kubwa area.
10. The Minister of Budget and Economic Planning, Atiku Bagudu has said President Bola Tinubu is keeping an eye on the ongoing #EndBadGovernance demonstrations across the country.
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