Nigerian Banks Under Fire: Chartered Institute of Bankers and Bank CEOs Speak Out
In a joint statement, the Chartered Institute of Bankers of Nigeria (CIB) and the Body of Banks’ Chief Executive Officers in Nigeria have expressed concern over the persistent criticisms directed at Nigerian banks on social media. The statement, signed by President Pius Olarenwaju and Chairman Oliver Alawuba, highlights the significance and contributions of the banking sector to Nigeria’s economy.
The CIB emphasized that the Nigerian banking industry is governed by rigorous regulations issued by the Central Bank of Nigeria (CBN), its primary regulator, and other direct and indirect regulatory bodies. Many banks are publicly listed and adhere to standards of transparency and compliance, essential for both domestic and international investors.
The CIB leadership stressed that Nigerian banks are staffed with globally competitive and certified professionals, regulated by both national and international bodies. Partnerships with globally recognized service providers and investments in cutting-edge technologies elevate Nigerian banks to international standards. Internationally renowned auditing firms, rating agencies, and other independent bodies regularly evaluate the operations, financial records, and compliance of Nigerian banks, ensuring they align with global best practices.
The CIB encouraged individuals or groups with concerns regarding any bank’s operations to direct their grievances to the appropriate regulatory authorities, which are equipped to handle these matters impartially. The organization urged against resorting to social media attacks, blackmail, or smear campaigns, which undermine the hard-earned reputation of these institutions.
The CBN has also emphasized its commitment to the stability of the country’s financial system, highlighting that regular stress tests are conducted to identify potential vulnerabilities in banks. The resilience and dynamism of the banking industry are built on the trust of its customers, affirming that the sector is a cornerstone of economic growth and development in Nigeria.
In conclusion, the CIB and Bank CEOs have spoken out against the persistent criticisms of Nigerian banks on social media, emphasizing the sector’s significance and contributions to the economy. They encourage individuals to direct their concerns to the appropriate regulatory authorities and avoid resorting to social media attacks, which undermine the reputation of these institutions.
