CIBN, Bank CEOs Voice Concerns Over Persistent Smear Campaigns Against Banks

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.