All Ministries, Departments and Agencies (MDAs) in the country have been mandated to continue to patronise the five banks whose leadership were affected by the recent Central Bank (CBN) action.
In a memorandum to top government officials, the secretary to the government of the federation (SGF), Mahmud Yayale Ahmed says the CBN has taken steps to ensure the safety of the banking sector. The action by Mr. Ahmed may be connected to the panic funds withdrawal that took place in the banks, following the announcement of the sack of five bank chiefs; Oceanic Bank, Intercontinental Bank, Afribank, Finbank, and Union Bank.
“In the circumstance and in the interest of the Financial System, all ministries, departments and agencies are urged to support government’s efforts by ensuring that they continue to patronise all the affected banks,” says Mr. Ahmed.
The circular, obtained by NEXT, was addressed to members of the Federal Executive Council, as well as heads of some government agencies such as the Police Service Commission, Revenue Mobilisation, Federal Civil Service Commission, the Federal Inland Revenue Service, and the Independent National Electoral Commission (INEC).
“All MDAs are advised not to move their accounts from the affected banks as the CBN is totally committed to the protection of the interest of all depositors,” says the secretary.
The circular, dated August 17 and signed by Mr. Ahmed, is meant to be complied with by all the various ministries, departments, and agencies.