The Central Bank of Nigeria has dismissed bankruptcy claims making the rounds on social media about a Nigerian bank, Fidelity.
In a statement on Monday by the apex bank’s acting spokesperson, Hakama Sidi Ali, assured that Nigeria’s banking sector remained resilient, safe, and sound.
The clarification comes amid reports that suggest that Fidelity is facing bankruptcy, as the Supreme Court had ordered the financial institution to pay N225 billion in damages to Sagecom Concept Limited.
However, CBN described the claim making the rounds as misleading and urged the public to disregard ‘sensational and unverified claims.’
“The attention of the Central Bank of Nigeria (CBN) has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution.
“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. Like all other regulated institutions, the institution referenced in these reports is held to stringent regulatory requirements, and there is no cause for concern regarding the safety of depositors’ funds.
“The Bank affirms that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision.
“These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system.
“We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system.
The CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.
“It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” the statement reads.
Media Talk Africa reports that Fidelity Bank also clarified that it is not under any form of bankruptcy proceedings.
“Fidelity Bank remains one of the most well-capitalised and profitable financial institutions in Nigeria, with expanding international operations.
“Fidelity Bank is not under any form of bankruptcy proceedings and continues to meet all its legal and financial obligations without exception.
“This position of strength is further validated by our Q1 2025 financial results, which reflect consistent performance and resilience. These results are publicly available for review.
“Fidelity Bank remains committed to maintaining the highest standards of financial stability, transparency, and service excellence,” the bank stated on its X account.
Recall that Fidelity Bank announced that it has applied for the interpretation of a Supreme Court judgement on a legacy transaction between the defunct FSB International Bank and Sagecom Concepts Limited.
