The Chartered Institute of Bankers of Nigeria (CIBN) has assured Nigerians that the country’s banking sector is strong, stable, and not in danger. This reassurance came after some media reports raised concerns about the health of a particular financial institution.
In a statement released by the President and Chairman of the Council of CIBN, Professor Pius Olanrewaju, the Institute described those reports as false, misleading, and harmful to the ongoing progress in the banking industry.
Professor Olanrewaju said, “The attention of the Chartered Institute of Bankers of Nigeria has been drawn to misleading publications making the rounds in the media, questioning the health of one of our financial institutions. We would like to emphatically state that the assertions in those reports are not only misleading but completely unfounded.”
He warned that such publications were meant to create panic and possibly disrupt the banking sector’s reforms and growth, which are currently being driven by the Central Bank of Nigeria (CBN) and other stakeholders.
CIBN stated that it fully supports the position of the CBN, which has said that the banking sector is healthy and there is no cause for concern. The Institute called on Nigerians to disregard rumours and instead rely only on official information from regulators such as the CBN.
“The Chartered Institute of Bankers of Nigeria (CIBN) reassures the public that the Nigerian banking sector remains stable, sound, resilient, and safe. Hence, we encourage you to continue to conduct your banking services without hesitation or apprehension,” Professor Olanrewaju said.
He also urged the public to avoid panic and to report any suspicious or false financial information to the appropriate authorities.
In recent times, the Central Bank has been implementing various reforms aimed at strengthening the banking industry. These include recapitalisation plans, better risk management practices, and new regulations to enhance financial transparency and consumer protection.
Banking experts say Nigeria’s financial system has improved over the years, especially in areas like digital banking, customer access, and international compliance. Many banks in the country have also reported strong profits and growing customer bases, indicating resilience despite economic challenges.
Meanwhile, financial analysts have advised the public to be careful about where they get their financial news. They say that relying on social media or unverified sources can lead to unnecessary fear and even affect market stability.
CIBN, as the body responsible for promoting professionalism and ethical standards in Nigeria’s banking industry, has assured that it will continue to work with the CBN, commercial banks, and other institutions to ensure the financial system remains secure and transparent.
