The Central Bank of Nigeria (CBN) has assured the public that the country’s banking sector remains stable, following what it described as misleading media and social media reports about the operations of a regulated financial institution.
In a statement issued on Monday by Hakama Sidi-Ali, acting director of corporate communications, the apex bank said there was no cause for alarm, adding that the financial institution in question is fully compliant with regulatory requirements.
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“The attention of the Central Bank of Nigeria (CBN) has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution.
“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. Like all other regulated institutions, the institution referenced in these reports is held to stringent regulatory requirements, and there is no cause for concern regarding the safety of depositors’ funds,” the statement read.
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The bank said it continues to closely monitor all financial institutions under its supervision, using strong systems to detect early warning signs and apply risk-based oversight. These tools, it said, help address potential issues quickly and protect the stability of the financial system.
It also urged the public to ignore sensational or unconfirmed reports and to depend only on official sources for accurate information.
“The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds. It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” it said.
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The reassurance from the CBN follows panic among Nigerians on X, who reacted to a publication on a Supreme Court ruling involving Fidelity Bank.
Fidelity bank in its reaction said that the Supreme Court ruling stems from an old dispute inherited from the defunct FSB International Bank involving a loan to G. Cappa Plc and Sagecom Concepts.
READ ALSO: INFOGRAPHICS: Charts that explain CBN’s 2024 financial position
The bank disputed the reported N225 billion damages, saying their calculations put the liability between about N14 billion and N30.7 billion based on exchange rates at the time.
The bank said it is ready to settle and has asked the court for clarification on the judgment’s scope, noting that it remains financially strong with no risk of bankruptcy.
The bank said it remains one of the most well-capitalised and profitable financial institutions in Nigeria, with expanding international operations, noting that it is not under any form of bankruptcy proceedings and continues to meet all its legal and financial obligations without exception.
“This position of strength is further validated by our Q1 2025 financial results, which reflect consistent performance and resilience. These results are publicly available for review. Fidelity Bank remains committed to maintaining the highest standards of financial stability, transparency, and service excellence,” it said.
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