By Stanley Onyeka, Lagos
The Chartered Institute of Bankers of Nigeria (CIBN), and the Body of Banks CEOs in Nigeria have decried incessant social media criticisms targeted at Nigerian banks.
This is contained in a joint statement signed by the CIBN President, Prof. Pius Olanrewaju, and Chairman, Body of Banks CEOs in Nigeria, Dr. Oliver Alawuba.
According to the bank chiefs, despite its significant contributions, the banking sector remained one of the most regulated and integral parts of the economy.
The statement reads: “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.
“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 banking sector is pivotal to Nigeria’s economic growth, contributing significantly to individuals, businesses of all sizes, and the society at large.
Going forward, the bodies 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.
The statement continued: “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.
“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.
“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.”
The bank chiefs also noted that 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.
This is even as local bank operations were usually audited by global experts, resulting in Nigerian banks consistently receiving high ratings; individually and collectively.
It added that a large number of banks were publicly listed and adhere to the highest standards of transparency and compliance as required by domestic and international investors as well as regulatory agencies.
