CEOs React to Social Media Criticisms Targeted at Nigerian Banks

• A group of bank CEOs has criticized the ongoing social media attacks on Nigerian banks
• The banking institutions released a joint statement on Tuesday in Lagos, expressing their concerns
• It made clear that investors have faith in Nigerian banks as the sector is a top choice for investors

Legit.ng journalist Zainab Iwayemi has over 3 years of experience covering the Economy, Technology, and Capital Market.

The Body of Bank CEOs in Nigeria and the Chartered Institute of Bankers of Nigeria (CIBN) have denounced the constant criticisms of Nigerian banks on social media.

The financial organizations expressed their worries in a joint statement on Tuesday in Lagos, which was signed by Dr. Oliver Alawuba, Chairman of the Body of Bank CEOs in Nigeria, and Prof. Pius Olanrewaju, President of CIBN.

The statement emphasized the importance and contributions of the banking industry while also pointing out that it continues to be one of the most regulated and crucial sectors of the economy.

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It clarified that investors have faith in Nigerian banks, as the industry is a top pick for both institutional and individual investors.

“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 statement said.

It recommended people or organizations with complaints or concerns about any bank's operations to take their problems to the relevant regulatory bodies, who are qualified to handle them in an unbiased and expert manner.

“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 noted.

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It, therefore, appealed to people engaging in such actions to desist and consider the facts before making accusations.

According to the statement, 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.

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Apex Bank disclosed this in a statement signed by Hakama Ali, the Ag: Director, Corporate Communications, on Tuesday, October 8, 2024.

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In the statement, CBN reassured the public of its unwavering commitment to ensuring the stability and reliability of the Nigerian financial system.

Source: Legit.ng