CIBN urges support for Nigerian banks amid social media criticisms

The Chartered Institute of Bankers of Nigeria and the Body of Banks’ Chief Executive Officers in Nigeria have expressed concern over the persistent criticisms directed at Nigerian banks on social media.

In a statement signed by the President of the CIB, Pius Olarenwaju, and the Chairman of the Body of Banks’ CEOs in Nigeria, Oliver Alawuba, on Tuesday, they emphasised the banking sector’s significance and contributions, stating that it is one of the most regulated and integral parts of Nigeria’s economy.

In the joint statement, they highlighted that “The Nigerian banking industry is governed by rigorous regulations issued by the Central Bank of Nigeria, its primary regulator, and other direct and indirect regulatory bodies.”

They noted that many banks are publicly listed and adhere to standards of transparency and compliance, which are essential for both domestic and international investors.

The CIB stated that, in addition to the CBN, several regulatory bodies such as the Nigerian Exchange Group, Securities and Exchange Commission, Financial Reporting Council, and Nigeria Deposit Insurance Corporation play pivotal roles in maintaining the integrity and accountability of the sector.

The CIB leadership asserted that “Nigerian banks are staffed with globally competitive and certified professionals, regulated by both national and international bodies.” They also mentioned that partnerships with globally recognised service providers and investments in cutting-edge technologies elevate Nigerian banks to international standards.

They further pointed out that “Internationally renowned auditing firms, rating agencies, and other independent bodies routinely evaluate the operations, financial records, and compliance of Nigerian banks.”

This rigorous assessment process ensures that the banks align with global best practices, reflecting their commitment to delivering trustworthy services.

They added that investor confidence in Nigerian banks is evident, as the sector remains a top choice for retail and institutional investors. The CIB highlighted that “the resilience and dynamism of the banking industry are built on the trust of its customers,” affirming that the sector is a cornerstone of economic growth and development in Nigeria.

They encouraged individuals or groups with concerns regarding any bank’s operations to direct their grievances to the appropriate regulatory authorities, which are equipped to handle these matters impartially.

“Resorting to social media attacks, blackmail, or smear campaigns undermines the hard-earned reputation of these institutions”, the CIBN urged.

PUNCH Online reports that the Central Bank of Nigeria has emphasised its commitment to the stability of the country’s financial system, highlighting that regular stress tests are conducted to identify potential vulnerabilities in banks.