In a unified statement, the Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Banks CEOs have decried ongoing social media criticisms aimed at Nigerian banks, calling for an end to what they describe as persistent smear campaigns.
Highlighting the crucial role of the banking sector in Nigeria’s economy, the CIBN emphasized that these institutions are heavily regulated and integral to the nation’s financial stability. The Central Bank of Nigeria (CBN), along with other regulatory agencies like the Nigerian Exchange Group (NGX), Securities and Exchange Commission (SEC), Financial Reporting Council (FRC), and Nigeria Deposit Insurance Corporation (NDIC), oversee a rigorous framework aimed at ensuring transparency and accountability.
“The Nigerian banking industry operates under strict regulations designed to protect investors and maintain high standards of compliance,” the statement noted. It asserted that many banks are publicly listed entities, committed to transparency and integrity as mandated by both local and international regulatory bodies.
Moreover, the industry is staffed by highly qualified professionals certified by global standards, and banks are committed to investing in the latest technologies. Independent evaluations by reputable auditing firms and rating agencies reinforce the sector’s adherence to global best practices and its strong financial health.
Despite the negative narrative emerging from certain media outlets, the CIBN and bank executives point out that investor confidence in the banking sector remains robust. The industry is a preferred choice for both retail and institutional investors, underscoring its role as a pillar of economic growth and national development.
The statement called for constructive dialogue, urging that any individual or group with legitimate concerns regarding banking operations should address these issues through appropriate regulatory channels rather than resorting to social media attacks.
“Such actions undermine the institutions’ hard-earned reputations and do a disservice to the professional standards that the banking sector strives to uphold,” the statement added.
In conclusion, the CIBN and the bankers’ body reiterated their commitment to providing high-quality banking services and called on the public to recognize the essential contributions of the banking sector to Nigeria’s economic landscape as a source of national pride. They urged all stakeholders to support the mission of fostering a resilient economy that benefits every citizen.
