Bank CEOs, CIBN warn against using social media to attack, blackmail lenders

… Highlight critical role of Nigerian banks in nation building

The Body of Banks CEOs in Nigeria and the Chartered Institute of Bankers of Nigeria (CIBN) have expressed grave concern over the rising trend of social media criticisms targeting Nigerian banks.

In a joint statement signed by Oliver Alawuba, Chairman of the Body of Banks CEOs, and Pius Deji Olanrewaju, President and Chairman of the CIBN, the two bodies emphasised the significant role that the banking sector plays in Nigeria’s economy and urged the public to refrain from using social media as a tool for unwarranted attacks and blackmail.

They pointed out that the banking industry adheres to stringent regulations set forth by the Central Bank of Nigeria (CBN) and other regulatory bodies, ensuring that Nigerian banks maintain high standards of transparency and compliance.

The statement highlights that the Nigerian banking sector is not only one of the most highly regulated but also an integral part of the nation’s economic framework.

“The Nigerian banking industry is governed by rigorous regulations issued by the CBN, its primary regulator, and other direct and indirect regulatory bodies. A large number of these banks are publicly listed and adhere to the highest standards of transparency and compliance,” the statement read.

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In addition to the CBN, the Nigerian Exchange Group (NGX), Securities and Exchange Commission (SEC), Financial Reporting Council (FRC), and Nigeria Deposit Insurance Corporation (NDIC) play crucial roles in maintaining the integrity of the banking sector. These bodies ensure that banks operate within the law and adhere to practices that foster transparency, integrity, and accountability.

The statement further highlighted the highly skilled workforce within Nigerian banks, noting that many professionals are certified both nationally and internationally. Nigerian banks also partner with globally recognised service providers and invest heavily in cutting-edge technologies, enabling them to compete on a global scale.

“Nigerian banks are staffed with a wealth of globally competitive and certified professionals, regulated by both national and international bodies. These professionals, coupled with partnerships with globally recognised service providers and investments in cutting-edge technologies, elevate Nigerian banks to global standards,” Alawuba and Olanrewaju added.

In terms of financial performance and governance, Nigerian banks are routinely evaluated by internationally renowned auditing firms, rating agencies, and other independent bodies. These assessments serve to reinforce the banks’ alignment with global best practices, ensuring they consistently deliver trustworthy services to the public. As a result, Nigerian banks have maintained high ratings both individually and as a collective.

The statement emphasised that investor confidence in Nigerian banks remains strong, as evidenced by the sector’s attractiveness to both retail and institutional investors. The resilience and dynamism of the industry reflect its central role in the nation’s economic growth and development.

“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 statement noted.

While acknowledging that there may be grievances about the operations of certain banks, the statement urged individuals to channel such concerns through the appropriate regulatory authorities. These agencies, including the CBN and SEC, are well-equipped to handle any complaints professionally and impartially.

“If any individual or group has concerns or grievances regarding the operations of any bank, they are encouraged to direct such issues to the appropriate regulatory authorities. These bodies are equipped to address concerns impartially and professionally,” the banking heads advised.

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The CIBN and Body of Banks CEOs warned that resorting to social media attacks, blackmail, or smear campaigns not only tarnishes the reputation of the targeted banks but also seeks to manipulate public perception unfairly. They called on those engaging in such actions to desist and instead engage with facts before making accusations.

“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. We urge individuals engaged in such actions to desist and consider the facts before making accusations,” the statement continued.

The banking leaders reiterated their commitment to delivering the highest standard of services, emphasising that the sector remains a cornerstone of Nigeria’s economy. As the country continues to face economic challenges, they urged citizens to recognise the banking sector’s positive contributions and support its role in nation-building.

“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 statement concluded.

With the banking industry standing at the forefront of economic development, the CIBN and Body of Banks CEOs reaffirmed their dedication to maintaining high standards of professionalism, transparency, and accountability as they continue to serve the nation.