Bank CEOs Decry Social Media Blackmail Targeted At Banks

The Chartered Institute of Bankers of Nigeria (CIBN) and the Body of Bank Chief Executive Officers (CEOs) have jointly expressed concern over the increasing social media campaigns that are targeting Nigerian banks with false claims and accusations.

In a recent statement released in Lagos, the banking institutions emphasised the vital role that the banks play in the economy, highlighting that the sector is one of the most regulated and remains a cornerstone for economic development.

Signed by CIBN President, Prof. Pius Olanrewaju, and the Chairman of the Body of Bank CEOs, Dr. Oliver Alawuba, the statement pointed out that the banks continue to maintain strong investor confidence. Both retail and institutional investors see the banks as a top choice, further cementing their role in supporting the country’s financial stability.

The statement also encouraged anyone with grievances or concerns about the operations of the banks to report them to the relevant regulatory bodies, which are equipped to handle issues impartially. It warned against resorting to social media to spread unverified claims, advising individuals to base their concerns on facts rather than speculation.

“The resilience and dynamism of the banking industry are built on the trust of its customers,” the statement read.

“Rather than facing unfair criticism, the continued strength of this sector should be a source of national pride. The banking sector is crucial to Nigeria’s economic growth, contributing significantly to businesses of all sizes and the society at large.”

The bank leaders further stressed that social media attacks and smear campaigns not only damage the reputations of the institutions but also aim to manipulate public perception unfairly. They reiterated that banks in Nigeria operate under stringent regulations set by the Central Bank of Nigeria (CBN) and other regulatory authorities, ensuring transparency and accountability.

Additionally, the statement highlighted the importance of fostering an environment of trust between the banking sector and the public. It encouraged Nigerians to support the banks in their mission to build a stronger economy that benefits everyone, as the sector remains critical to both local and international investors.

The CEOs also reaffirmed their commitment to delivering high-quality services, noting that many of the banks are publicly listed and adhere to rigorous compliance standards to meet the expectations of investors and regulators alike.

As social media continues to play a significant role in public discourse, the banking industry leaders urged caution and responsibility when discussing matters related to the sector, to prevent harm to one of Nigeria’s most crucial economic pillars.