CIBN reassures Nigerians on banking sector’s safety

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The Chartered Institute of Bankers of Nigeria (CIBN) has rising in stout defence of the Nigerian banks, reassuring that the country’s banking industry sector is safety and stable.

This is coming as the Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) also recently expressed confidence in the Nigerian banking sector’s readiness to meet the upcoming recapitalization requirements mandated by the CBN.

This position is to douse the fears of bank customers amid rumours that the Central Bank of Nigeria (CBN) is planning to revoke more banking licenses after the recent revocation of Heritage Bank’s licence.

Indeed, a statement by the CIBN President and Chairman, Prof. Pius Olanrewaju, said the fears are unfounded and misleading.

The CBN has also denied the allegations, asserting that the Nigerian financial system remains robust.

The CIBN, which corroborates the CBN, highlighted the strong foundations of the Nigerian banking system, including rigorous regulatory frameworks and supervision designed to protect stakeholders and ensure financial stability.

According to CIBN, “We would like to allay the fears of bank customers and the general public that the assertion is false and misleading, even as the Central Bank of Nigeria, which is the only body best suited to assess the health of financial institutions in Nigeria, has debunked the claim.”

It urged the public to continue their banking activities without fear, noting that banks are currently implementing a recapitalization program as directed by the CBN, which will further enhance their financial strength.

The CIBN also highlighted its collaboration with regulators like the CBN and the Nigeria Deposit Insurance Corporation (NDIC) to promote best practices and maintain the resilience of the banking sector.

Indeed, one of the banks whose licence was alleged to be withdrawn, has petitioned security officials and considering legal action against the sources of the false information.