By Esther Agbo
The Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Bank CEOs in Nigeria have expressed concern over the growing wave of social media criticisms targeting the banking sector.
In a joint press statement issued by the two bodies, they highlighted the significant role Nigerian banks play in the country’s economic development, calling for an end to unwarranted attacks.
However, they emphasized that the Nigerian banking industry remains one of the most regulated sectors in the economy, pointing out that these banks adhere to international standards, given their listing on the Nigerian Exchange and the involvement of global auditing firms.
“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.”
“A large number of these banks are publicly listed and adhere to the highest standards of transparency and compliance, as required by domestic and international investors and regulatory agencies.”
“In addition to the CBN, regulatory bodies like the Nigerian Exchange Group (NGX), Securities and Exchange Commission (SEC), Financial Reporting Council (FRC), and Nigeria Deposit Insurance Corporation (NDIC), play pivotal roles in maintaining transparency, integrity, and
accountability within the sector.”
The industry body further noted the global competitiveness of Nigerian bank employees, stating, “Nigerian banks are also staffed with a wealth of globally competitive and certified professionals, regulated by both national and international bodies.”
“These professionals, coupled with partnerships with globally recognized service providers and investments in cutting-edge technologies, elevate Nigerian banks to global standards in every market they operate.”
They went further to highlight that investor confidence in the Nigerian banking sector also remains high.
“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,” the press release stated. The CIBN and bank CEOs stressed that rather than being the subject of baseless criticism, the strength of the sector should be a source of national pride.” The statement read in part.
Furthermore, they emphasized on the importance of addressing concerns through the proper channels. “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, ensuring that all matters are resolved through the proper channels,” it stated, adding that social media attacks and smear campaigns unfairly manipulate targeted banks and as well seek to undermine the sector’s integrity.
Both Dr. Alawuba and Professor Olanrewaju reiterated their commitment to maintaining high standards of transparency, integrity, and banking services guided by the regulations that govern the industry, they called for collaboration and public support as the banking industry continues to contribute significantly to the nation’s economic growth.