Nigerian Bank CEOs and CIBN Raise Concerns Over Media Smear Campaigns Targeting Banks

The Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Banks CEOs in Nigeria have expressed strong concerns over ongoing negative media campaigns directed at Nigerian banks. In a joint statement signed by Dr. Oliver Alawuba, Chairman of the Body of Banks CEOs in Nigeria, and Professor Pius Deji Olanrewaju, President of the CIBN, both entities underscored the critical role the banking industry plays in Nigeria’s economic stability and growth. 

According to the statement, the banking sector, one of the most heavily regulated industries in Nigeria, is central to economic development, providing essential financial services to individuals and businesses. 

The sector operates under the strict oversight of the Central Bank of Nigeria (CBN) and other key regulatory bodies such as the Nigerian Exchange Group (NGX), Securities and Exchange Commission (SEC), Financial Reporting Council (FRC), and the Nigeria Deposit Insurance Corporation (NDIC), ensuring transparency and accountability.

Nigerian banks, many of which are publicly listed, have consistently met rigorous standards for corporate governance, compliance, and financial reporting. This commitment has helped maintain investor confidence, with the sector being a top choice for both retail and institutional investors.

"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.

"If any individual or group has concerns or grievances regarding the operations of any bank, they are encouraged to direct such issues to the appropriate regulatory authorities. These bodies are equipped to address concerns impartially and professionally, ensuring that all matters are resolved through the proper channels," the statement read.

The CIBN and the Body of Banks CEOs called for individuals or groups with concerns about banking operations to address them through the appropriate regulatory channels, rather than resorting to social media attacks or smear campaigns. They warned that such actions not only damage the reputation of the targeted banks but also attempt to manipulate the industry unfairly.

"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. We urge individuals engaged in such actions to desist and consider the facts before making accusations. The regulatory agencies are well-positioned to handle concerns with diligence and professionalism."

"We remain committed to delivering the highest standard of banking services, guided by the regulations that govern our industry. Together, let us 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, we call on citizens to support its mission of creating a stronger economy that works for everyone.," the statement continued.

Both entities reaffirmed their commitment to upholding the highest standards of banking service, governed by strict regulations. They called for the public’s continued support as the banking sector works to build a stronger, more resilient Nigerian economy for all.