CIBN assures public of safety, soundness of Nigerian banking system

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The Chartered Institute of Bankers of Nigeria (CIBN) has debunked reports in some sections of the media (not NewsClick Nigeria) that some Nigerian banks may soon have their licenses withdrawn. 

According to a statement signed and released by President of the Institute, Pius Olanrewaju and obtained by NewsClick Nigeria on Wednesday night, Nigerian banks remain safe, sound and  competitive.

“We would like to reassure the public that the Nigerian banking system remains very safe, sound and resilient. This is on the heels of mendacious information making rounds in the public domain that the banking licenses of more banks would be revoked after the regulatory action taken by the Central Bank of Nigeria (CBN) against Heritage Bank Plc on June 3, 2024.

“We would like to allay the fears of bank customers and the generality of the public that the assertion is false and misleading. The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have debunked the claim. The ongoing recapitalization process announced by the CBN is also aimed at further strengthening the resilience of the Nigerian banks and their capacity to support the envisaged growth of the Nigerian economy.

“Consequently, we urge the public to continue to conduct their banking services without hesitation or apprehension.

“The CIBN, as the umbrella professional body for banks and bankers in Nigeria, working with other stakeholders in the ecosystem is committed to promoting best practices and ensuring that our banking sector remains safe and sound”