The Chartered Institute of Bankers of Nigeria (CIBN) has issued a reassurance to bank customers regarding the safety and stability of the Nigerian banking sector.
The statement comes amid rumours that the Central Bank of Nigeria (CBN) is planning to revoke more banking licenses following the recent action against Heritage Bank.
CIBN President and Chairman, Prof. Pius Olanrewaju, emphasized in a statement on Wednesday that the claims are unfounded and misleading.
The CBN has also denied the allegations, asserting that the Nigerian financial system remains robust.
In its response to the rumours, the CBN stated, “The Nigerian financial system remains safe, sound, and resilient.
“Our financial system remains on a solid footing, and the CBN will continue to take all necessary steps to maintain its safety and soundness.”
Supporting the CBN’s position, the CIBN highlighted the strong foundations of the Nigerian banking system, which include rigorous regulatory frameworks and supervision designed to protect stakeholders and ensure financial stability.
“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,” the CIBN stated.
The institute 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.
Additionally, the CIBN mentioned 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.
In light of the rumours, one of the banks allegedly at risk of license withdrawal has petitioned security officials and is considering legal action against the sources of the false information.
In a related development, the Association of Corporate & Marketing Communication Professionals of Banks (ACAMB) has expressed strong confidence in the Nigerian banking sector’s readiness to meet the upcoming recapitalization requirements mandated by the CBN.
The assurance by the ACAMB follows the release of a much-anticipated circular detailing the recapitalization process.
ACAMB, a pivotal player in Nigeria’s banking sector, welcomed the CBN’s detailed circular, which outlines the review of minimum capital requirements for commercial, merchant, and non-interest banks over the next 24 months.