Fidelity: CBN Reassures Nigerians on Bank’s Safety

The Central Bank of Nigeria has reaffirmed the safety and resilience of the Nigerian banking sector, urging the public to disregard any unverified claims circulating online.

In a statement released on Monday and signed by Hakama Sidi Ali, acting director of Corporate Communications, the apex bank noted that its attention has been drawn to misleading information being circulated on social media concerning the operations of a regulated financial institution.

While the specific financial institution was not named, the CBN assured the public, depositors, and stakeholders that the bank in question is subject to strict regulatory standards, ensuring the safety of depositors’ funds.

“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the banking sector remains resilient, safe, and sound. Like all other regulated institutions, the institution referenced in these reports is held to stringent regulatory requirements, and there is no cause for concern regarding the safety of depositors’ funds.”

The apex bank urged members of the public to rely only on official communication channels for accurate information about the financial sector. It reiterated its commitment to ensuring that financial institutions operate in compliance with required regulatory standards while protecting the integrity of Nigeria’s financial system.

The CBN further emphasised its role as the Nigerian financial institution regulator, committed to promoting a secure banking sector where the security of depositors’ funds is fully guaranteed, while developing strategies to protect the public’s interest and confidence in Nigeria’s financial system.

Meanwhile, this might not be unconnected with the N225bn in damages judgment by the Supreme Court against Fidelity Bank PLC linked to a legacy $3 million credit facility granted by the defunct FSB International Bank in 2002… READ MORE.

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