The Chartered Institute of Bankers of Nigeria (CIBN) and the association of bank CEOs have expressed deep concern over the growing trend of negative social media criticism and blackmail directed at Nigerian banks.
This collective stance was outlined in a joint statement from CIBN President, Prof. Pius Olanrewaju, and Dr Oliver Alawuba, Chair of the Body of Bank CEOs, released on Tuesday in Lagos.
The statement underscored the importance and contribution of the banking sector to Nigeria’s economy, describing it as one of the nation’s most highly regulated industries and a pillar of economic stability.
Highlighting investor confidence, it noted that Nigerian banks remain a top choice for both retail and institutional investors due to their resilience and robust operational standards.
According to the statement, “The resilience and dynamism of the banking industry are built on the trust of its customers, demonstrating that the sector is a cornerstone of economic growth and development in Nigeria.
“Rather than being criticized, the continued strength of this sector should be a source of national pride.
“The banking sector is pivotal to Nigeria’s economic growth, contributing significantly to individuals, businesses of all sizes, and the society at large.
“The economy’s development relies heavily on the banks’ intermediary roles, and their positive impact is undeniable.”
The joint statement also advised those with grievances against banks to approach regulatory bodies equipped to handle such concerns fairly and professionally.
“Resorting to social media attacks, blackmail, or smear campaigns not only undermines the hard-earned reputation of these institutions but also seeks to unfairly manipulate targeted banks,” it emphasized.
The organizations urged individuals to consider all facts before leveling accusations, noting that regulatory bodies are well-prepared to address concerns with objectivity and diligence.
The banking industry, according to the statement, plays a vital role in fostering a trustworthy and cooperative environment that drives Nigeria and Africa forward.
It also emphasized the commitment of Nigerian banks to uphold the highest standards of service, transparency, and regulatory compliance.
The appeal continued, asking for public support to help build a resilient Nigerian economy through collaborative efforts.
The Nigerian banking sector, primarily regulated by the Central Bank of Nigeria (CBN), is governed by stringent regulations to ensure transparency and accountability.
Most banks are publicly listed, adhering to rigorous compliance standards to meet both domestic and international investor expectations.
Moreover, the sector’s workforce is highly skilled, with professionals accredited by both local and international bodies.
This expertise is further validated by global audits, which regularly confirm Nigerian banks’ high ratings on both individual and collective bases.
