The Chartered Institute of Bankers of Nigeria (CIBN) and the Body of bank CEOs in Nigeria have expressed deep concern over the ongoing criticism of Nigerian banks on social media.

They emphasise the importance and contributions of the banking sector, which is one of the most regulated and vital components of Nigeria’s economy.

The Nigerian banking industry operates under stringent regulations enforced by the Central Bank of Nigeria (CBN), its main regulatory authority, alongside other direct and indirect regulatory bodies.

Many banks in the country are publicly listed, adhering to high standards of transparency and compliance expected by both domestic and international investors and regulatory agencies.

In addition to the CBN, various regulatory bodies, including the Nigerian Exchange Group (NGX), Securities and Exchange Commission (SEC), Financial Reporting Council (FRC), and the Nigeria Deposit Insurance Corporation (NDIC), play crucial roles in ensuring transparency, integrity, and accountability within the banking sector.

Continuing, Nigerian banks are staffed with a plethora of globally competitive and certified professionals who are governed by both national and international standards. These experts, along with partnerships with internationally recognised service providers and investments in advanced technologies, enable Nigerian banks to meet global standards across all markets they serve.

Independent evaluations by prestigious auditing firms, rating agencies, and other assessment bodies regularly scrutinize the operations, financial records, and compliance of Nigerian banks. These rigorous assessments ensure adherence to global best practices, underscoring the bank’s commitment to providing trustworthy and high-quality services. Consequently, Nigerian banks consistently receive high ratings, both individually and collectively.

Investor confidence in Nigerian banks is robust, with the sector emerging as a preferred choice for both retail and institutional investors. The resilience and dynamism of the banking industry stem from the trust customers place in it, reaffirming the sector’s critical role in Nigeria’s economic growth and development. Rather than facing criticism, the continued strength of this sector should be a source of national pride.

The banking sector plays a pivotal role in Nigeria’s economic landscape, significantly impacting individuals, businesses of all sizes, and society at large. The development of the economy is heavily reliant on the intermediary roles of banks, which provide undeniable positive effects on the national landscape.

For individuals or groups with concerns or grievances about any bank’s operations, the CIBN and the Body of Banks CEOs encouraged directing such issues to the relevant regulatory authorities. These organizations are equipped to address concerns impartially and professionally, ensuring proper resolution through established channels.

They cautioned that resorting to social media attacks, blackmail, or smear campaigns not only tarnishes the hard-earned reputation of these institutions but also seeks to manipulate the banks unfairly, urging those involved in such actions to reconsider and focus on the facts before making accusations.

“Regulatory agencies are well-prepared to handle concerns with diligence and professionalism”

The banking sector remains committed to delivering the highest standards of service, guided by the regulations governing the industry.

Together, there is a call to foster an environment of trust and collaboration, recognising the positive impact of a professional sector that brings pride to Nigeria and Africa. As the banking sector continues its efforts to build a resilient Nigerian economy, citizens are encouraged to support its mission of creating a stronger economy that benefits everyone.

In a strong display of support for Guaranty Trust Holding Company (GTCO) and to counter unfounded allegations circulating in the media, the Central Bank of Nigeria (CBN) issued a press release today, reaffirming the safety of deposits held in Nigerian banks.

The statement, titled “CBN Reaffirms Commitment to Financial System Stability, Safety of Depositors’ Funds,” was signed by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali. It opens with a resolute assurance to the public: “The Central Bank of Nigeria (CBN) wishes to reassure the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.”

The release emphasizes the importance of maintaining public confidence in banking operations, declaring that “all deposits in Nigerian banks are secure.” It outlines the CBN’s active role in ensuring that financial institutions adhere to established regulations and best practices, which are essential for preserving the integrity of the financial system. Regular stress testing is conducted to identify potential vulnerabilities, thereby reinforcing the resilience of banks in the country.

To fulfill its oversight responsibilities, the CBN elaborates on its comprehensive monitoring of licensed banks in Nigeria and their offshore operations. The statement notes, “In addition, the CBN has implemented Early Warning Systems that proactively detect and address emerging risks, allowing us to provide timely solutions to any foreseen issues.” The Bank employs a Risk-Based Supervision approach, focusing regulatory efforts on institutions that may pose the highest risk to the financial system. This targeted strategy aims to maintain robust oversight while promoting the overall health of the banking sector.

Moreover, the CBN has established Memoranda of Understanding with various countries where subsidiaries of Nigerian banks operate. This collaboration enhances regulatory coordination, ensuring that these banks function within a safe and sound framework, complying with both domestic and international banking regulations.

In conclusion, Mrs. Sidi Ali emphasized the CBN’s commitment to creating a secure banking environment, stating, “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.”

The Lagos State House of Assembly, on Monday, indefinitely suspended the Chairman of Alimosho Local Government Area, Jelili Sulaimon, over allegations of misconduct.

The suspension takes immediate effect, according to a statement issued by the spokesperson to the Speaker of the House, Eromosele Ebhomele.

During the plenary session, the lawmakers resolved that the council’s vice chairman, Akinpelu Johnson, should assume leadership of the local government, directing the council’s management, including the manager and treasurer, to recognise and support Johnson to effectively discharge his duties.

Jelili’s suspension came after a unanimous vote by the legislators, citing his non-compliance with directives and his defiance towards the House.

The Chairman of the House Committee on Local Government Administration and Chieftaincy Affairs, Sanni Okanlawon, moved the motion, referencing a chaotic incident in April 2024, in the Iyana-Ipaja axis of Alimosho, which resulted in the death of one Michael Ajayi.

Okanlawon, whose committee was tasked with investigating the cause of the chaos, alleged that Jelili had orchestrated the incident. He noted that despite inviting all relevant stakeholders to the House for questioning, Jelili had repeatedly displayed acts of misconduct towards the committee.

The lawmaker further accused Jelili of disregarding the Assembly’s directives and mismanaging public funds. Citing relevant sections of the 1999 Constitution as amended, Okanlawon called for Jelili’s immediate suspension.

Supporting the motion, Majority Leader Noheem Adams argued that Jelili’s actions, particularly his failure to adhere to procurement processes and budgetary guidelines, warranted his suspension.

“The Alimosho council chairman does not follow procurement processes or the budget. There have been a lot of misconducts from him, and I support that the chairman be suspended indefinitely,” Adams added.

Also, Nureni Akinsanya, Chairman of the House Committee on Public Accounts for Local Government, referenced a report submitted by the State Auditor-General, which highlighted Jelili’s continuous non-compliance with financial regulations, noting significant irregularities in the council’s records under his leadership.

The Speaker, Mudashiru Obasa, who presided over the session, directed the Clerk of the House, Olalekan Onafeko, to formally communicate the Assembly’s resolution to all relevant authorities for immediate action.