CBN dismisses Fidelity Bank bankruptcy claims

 The Central Bank of Nigeria has dismissed rumours circulating on social media suggesting that Fidelity Bank is facing bankruptcy. In a statement by the acting director of corporate communications, Hakama Sidi Ali, the apex bank described the claims as misleading and reassured the public that Nigerias banking sector remains resilient, safe, and sound. The clarification follows reports that the Supreme Court ordered Fidelity Bank to pay N225 billion in damages to Sagecom Concept Limited, which triggered speculation about the banks financial health. The attention of the Central Bank of Nigeria has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution, the statement said.The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. Like all other regulated institutions, the bank referenced in these reports is subject to stringent regulatory oversight, and there is no cause for concern regarding the safety of depositors funds. The bank also emphasized that it has robust monitoring systems in place, including early warning signals and risk-based supervision, to promptly address any emerging issues in the financial system.We urge the public to disregard sensational or unverified claims and rely solely on official sources for accurate information, it added.    The post CBN dismisses Fidelity Bank bankruptcy claims appeared first on Linda Ikeji Blog.