The Chartered Institute of Bankers of Nigeria (CIBN) has reassured the public that the Nigerian banking sector remains reliable and resilient.
CIBN gave this reassurance on Wednesday followed information being circulated in the public domain that more banking licenses would be revoked after the Central Bank of Nigeria (CBN) took regulatory action against Heritage Bank Plc.
The CBN, on 3 June, revoked the licence of the bank, citing its violation of Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA), 2020.
The revocation of Heritage Bank’s licence was trailed by allegations that more banks would lose their operating licences, causing fear among customers.
But the CBN has since debunked the claims.
“The CBN unequivocally states that these allegations are false and intended to trigger panic in the financial system,” a statement by Hakama Ali, Acting Director of Corporate Communications, read.
In a statement signed by its President/Chairperson of Council, Pius Olanrewaju, the CIBN allayed the fears of bank customers and the general public, stating that such assertions were false and misleading.
“We would like to allay the fears of bank customers and the generality of the public that the assertion is false and misleading,” the statement said.
“The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have debunked the claim. The ongoing recapitalization process announced by the CBN is also aimed at further strengthening the resilience of the Nigerian banks and their capacity to support the envisaged growth of the Nigerian economy.”
The CIBN urged the public to continue conducting their banking services without hesitation or apprehension.
As the umbrella professional body for banks and bankers in Nigeria, the CIBN said it is in collaboration with other stakeholders in the ecosystem, remaining committed to promoting best practices and ensuring the banking sector’s safety.
