CIBN to Nigerians: Social media attacks on banks undermine their reputation

The Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Banks’ chief executive officers (CEOs) have condemned the incessant social media criticisms targeted at banks.

The financial bodies raised the concerns in a joint statement signed by Pius Olanrewaju, CIBN president, and Oliver Alawuba, chairman, Body of Banks CEOs in Nigeria on Tuesday.

According to the bodies, financial institutions contribute significantly to the economy and remain one of the most regulated and integral parts of the country.

They added that investors have confidence in Nigerian banks, with the sector being a top choice for retail and institutional investors alike.

“The resilience and dynamism of the banking industry are built on the trust of its customers, demonstrating that the sector is a cornerstone of economic growth and development in Nigeria,” CIBN and the Body of Banks said.

“Rather than being criticized, the continued strength of this sector should be a source of national pride.

“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.”

The bodies also advised individuals or groups with concerns or grievances, regarding the operations of any bank, to direct such issues to the appropriate regulatory authorities equipped to address concerns impartially and professionally.

“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,” it added.

In the statement, the financial bodies appealed to persons engaging in such actions to desist and consider the facts before making accusations.

According to CIBN and the Body of Banks, regulatory agencies were well-positioned to handle concerns with diligence and professionalism, adding that bankers were committed to delivering the highest standard of banking services.

“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,” the bodies said.

“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.”

‘BANKS RIGOROUSLY REGULATED’

CIBN and the Body of Banks said 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.

It added that a large number of banks were publicly listed and adhered to the highest standards of transparency and compliance, as required by domestic and international investors as well as regulatory agencies.

“Nigerian banks are also staffed with a wealth of globally competitive and certified professionals, regulated by both national and international bodies,” it added.

The bodies also said local bank operations were usually audited by global experts, resulting in Nigerian banks consistently receiving high ratings; individually and collectively.

CIBN and Body of Banks’ statement followed criticism of Zenith Bank on X after the company’s customers were unable to access the bank’s app for 48 hours.