Banks CEOs lament blackmail on social media

The Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Bank CEOs in Nigeria have expressed concern over the persistent social media criticism directed at Nigerian banks. In a joint statement issued on Tuesday in Lagos, and signed by CIBN President, Prof. Pius Olanrewaju, and the Chairman of the Body of Banks CEOs, […]

The Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Bank CEOs in Nigeria have expressed concern over the persistent social media criticism directed at Nigerian banks.

In a joint statement issued on Tuesday in Lagos, and signed by CIBN President, Prof. Pius Olanrewaju, and the Chairman of the Body of Banks CEOs, Dr. Oliver Alawuba, the financial institutions emphasised the crucial role and contributions of the banking sector, describing it as one of the most regulated and essential pillars of the nation’s economy.

The statement further noted that investors maintain strong confidence in Nigerian banks, which continue to be a preferred option for both retail and institutional investors.

The statement advised individuals or groups with concerns or grievances about the operations of any bank to direct such issues to the appropriate regulatory authorities, which are equipped to handle them impartially and professionally.

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It also urged those involved in such criticisms to refrain from making accusations and to consider the facts before taking any action.

It stated, “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 criticised, 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,” 

“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,” 

The statement emphasised that regulatory agencies are well-equipped to address concerns with diligence and professionalism while reaffirming the commitment of bankers to delivering high-quality services.

It called for an environment of trust and collaboration, acknowledging the positive contributions of a professional banking sector that brings pride to Nigeria and Africa.

The statement also urged citizens to support the banking sector’s mission to build a stronger, more resilient Nigerian economy that benefits everyone.

It highlighted that the Nigerian banking industry operates under strict regulations from the Central Bank of Nigeria (CBN) and other regulatory bodies, both direct and indirect.

It further noted that many banks are publicly listed, adhering to high standards of transparency and compliance to meet the expectations of both domestic and international investors as well as regulatory authorities.