The Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Bank CEOs have expressed growing concern over the persistent wave of social media criticism directed at Nigerian banks. In a joint statement issued on Tuesday in Lagos, and signed by CIBN President, Prof. Pius Olanrewaju, and the Chairman of the Body of Banks CEOs, Dr. Oliver Alawuba, the banking sector’s critical role in the economy was emphasised.
Both organisations highlighted that Nigerian banks operate within one of the most regulated environments in the country. Despite the criticisms, the statement noted that investor confidence in Nigerian banks remains strong, as they continue to be a top choice for both retail and institutional investors.
Constructive Channels for Concerns
Instead of resorting to public accusations or social media rants, the statement encouraged individuals or groups with grievances about banking operations to channel their concerns through the proper regulatory authorities. These bodies, such as the Central Bank of Nigeria (CBN), are designed to address such matters impartially and professionally.
The statement also called for restraint and fact-checking before spreading potentially damaging information. According to the financial bodies, the banking sector’s resilience and contribution to economic growth deserve recognition, rather than unfair criticism.
Banking Sector: A Cornerstone of Nigeria’s Economy
“The Nigerian banking industry is not only one of the most regulated but also a cornerstone of our economy,” the statement affirmed. Banks play an essential role in facilitating growth across all sectors—from individuals to businesses—by providing the financial intermediation needed to drive economic activity.
Rather than being subjected to unwarranted attacks, the banking sector should be a source of national pride, the CIBN and Bank CEOs stated. “These institutions have contributed positively to our economy’s development and continue to play a critical role in its future.”
The Impact of Social Media Criticism
The statement expressed concern about the potential damage caused by social media smear campaigns, warning that such attacks undermine the public’s trust in banks and could harm their reputation. The financial bodies emphasised that any form of blackmail or negative campaigns may erode the trust and confidence banks have worked hard to build.
Regulation and Transparency
The statement reaffirmed that Nigerian banks are subject to stringent regulatory standards, ensuring that they adhere to best practices in terms of transparency, compliance, and service quality. Furthermore, as many banks are publicly listed, they remain accountable not just to regulatory bodies but also to shareholders and investors, both local and international.
In closing, the statement called on Nigerians to support the banking sector as it continues to strengthen the country’s economy and to direct their grievances through appropriate channels for proper resolution.
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