The Central Bank of Nigeria (CBN) has reaffirmed the resilience and safety of the country’s banking sector, following a wave of unverified reports on social media suggesting distress in a regulated financial institution.
In a statement released on Monday and signed by the Acting Director of Corporate Communications, Hakama Sidi Ali, the apex bank urged the public to disregard what it called “misleading information” and rely only on official channels for updates regarding the financial system.
According to the CBN, the Nigerian banking sector “remains resilient, safe, and sound,” and the institution referenced in the reports is operating within “stringent regulatory requirements,” with no reason for concern about the safety of depositors’ funds.
“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound,” the statement read.
Robust regulatory mechanisms are in place
The Bank said it continues to deploy risk-based supervision frameworks and early warning systems to proactively detect and address any potential issues within the sector.
“The Bank affirms that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision. These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system,” the statement added.
This development comes at a time when the apex bank is also driving recapitalisation efforts across the banking industry to strengthen the capacity of deposit money banks ahead of new regulatory benchmarks.
The CBN advised Nigerians to remain calm and confident in the financial system, reiterating its commitment to “fostering a secure banking environment where depositors can be fully confident in the safety of their funds.”
It added that it will continue to monitor developments and adjust its strategies to ensure the continued protection of depositors and the overall stability of Nigeria’s financial system.
What you should know
Fidelity Bank earlier confirmed a subsisting Supreme Court judgment involving G. Cappa and Sagecom Concepts Limited, adding that its computation puts the settlement figure at N14 billion.
The bank disclosed this in a statement on Monday, stating that the issues leading up to the judgment arose from a legacy transaction between the defunct FSB International Bank and Sagecom Concepts Limited.
- The bank clarified, however, that a sponsored publication of the apex court judgment has allegedly been orchestrated and syndicated in the media with the aim of embarrassing the bank.
- In the bank’s statement signed by its Divisional Head, Brand & Communications, Meksley Nwagboh, it responded to a report claiming that the Supreme Court had ordered the financial institution to pay N225 billion in damages to the Nigerian firm.
- Fidelity Bank maintained that it remains a very strong and profitable financial institution and is among the most capitalized banks in Nigeria today, with international operations.
The bank denied being under bankruptcy, adding that it has always been in a position to discharge its proper and lawful obligations, and wishes to assure its depositors, customers, investors, and the general public that the bank is in a strong financial position, as shown in its Q1 2025 financial results, which are available to the public.
Currently, shares of the company are priced at N20.05 in the Nigerian stock market as of market close on 19th May 2025, with a month-to-date performance of 0.50%.
