The Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Bank CEOs in Nigeria have expressed serious concerns over ongoing social media criticism directed at Nigerian banks.
In a joint statement released on Tuesday in Lagos, the organizations emphasized the vital role and contributions of the banking sector, calling it one of the most regulated and essential pillars of the nation’s economy.
The statement, signed by CIBN President Prof. Pius Olanrewaju and Chairman of the Body of Bank CEOs Dr. Oliver Alawuba, highlighted investors’ strong confidence in Nigerian banks and noted that they remain a preferred choice for retail and institutional investors.
The statement advised individuals or groups with grievances regarding any bank’s operations to direct their concerns to the appropriate regulatory authorities, equipped to handle such issues impartially and professionally. It also urged critics to refrain from making unsubstantiated accusations and consider the facts before taking action.
“The resilience and dynamism of the banking industry are built on the trust of its customers,” the statement read. “The sector is a cornerstone of economic growth and development in Nigeria. Instead of being criticized, the continued strength of this sector should be a source of national pride.”
The banks reiterated that the banking sector is pivotal to Nigeria’s economic growth, contributing significantly to individuals, businesses of all sizes, and society. They emphasized that the development of the economy heavily relies on banks’ intermediary roles and that their positive impact is undeniable.
The statement condemned social media attacks, blackmail, and smear campaigns, stating that such actions undermine the hard-earned reputation of these institutions and seek to manipulate targeted banks unfairly. It reaffirmed bankers’ commitment to delivering high-quality services and called for an environment of trust and collaboration.
Additionally, the statement acknowledged the contributions of a professional banking sector to Nigeria and Africa. It urged citizens to support the banking sector’s mission to build a stronger, more resilient Nigerian economy that benefits everyone.
The banking industry operates under strict regulations set by the Central Bank of Nigeria (CBN) and other regulatory bodies, both direct and indirect. The statement also noted that many banks are publicly listed and adhere to high standards of transparency and compliance to meet the expectations of domestic and international investors and regulatory authorities.
