Fidelity Bankruptcy Scare: Banking sector is stable, says CBN

The Central Bank of Nigeria has reassured the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound.

The CBN said this in a statement on Monday. The press release was signed by its acting spokeswoman Hakama Sidi-Ali.

“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound.

“Like all other regulated institutions, the institution referenced in these reports is held to stringent regulatory requirements, and there is no cause for concern regarding the safety of depositors’ funds,” CBN said.

It added that the apex bank would continue to monitor all financial institutions under its regulatory purview and maintain robust frameworks for early warning signals and risk-based supervision.

“These mechanisms ensure that any emerging issues are promptly addressed to protect the integrity of the financial system.

“We urge the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system,” the apex bank said.

It explained that the CBN remains dedicated to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.

“It will continue to monitor and adapt strategies to safeguard the financial interests of all Nigerians and stakeholders in our financial system,” the regulatory bank pledged.

The CBN statement was issued following Peoples Gazette’s exclusive story of how a multibillion-naira debt owed by Fidelity Bank is rocking the financial institution amid bankruptcy scare.

Earlier on Monday, Fidelity confirmed it is in a deep multibillion-naira debt that could force it into bankruptcy after the Supreme Court ordered the commercial bank to pay more than N225 billion to Sagecom Concept Ltd after a years-long business dispute.