The Central Bank of Nigeria has dismissed bankruptcy claims
making the rounds on social media about a Nigerian bank, Fidelity.
In a statement on Monday by the apex bank’s acting
spokesperson, Hakama Sidi Ali, assured that Nigeria’s banking sector remained
resilient, safe, and sound.
The clarification comes amid reports that suggest that
Fidelity is facing bankruptcy, as the Supreme Court had ordered the financial
institution to pay N225 billion in damages to Sagecom Concept Limited.
However, CBN described the claim making the rounds as
misleading and urged the public to disregard ‘sensational and unverified
claims.’
“The attention of the Central Bank of Nigeria (CBN) has been
drawn to certain publications and social media reports containing misleading
information regarding the operations of a regulated financial institution.
“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.
“The Bank affirms that it continues to monitor all financial
institutions under its regulatory purview and maintains 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 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 statement reads.
Fidelity Bank also clarified that it is not under any form
of bankruptcy proceedings.
“Fidelity Bank remains one of the most well-capitalised and
profitable financial institutions in Nigeria, with expanding international
operations.
“Fidelity Bank is not under any form of bankruptcy proceedings
and continues to meet all its legal and financial obligations without
exception.
“This position of strength is further validated by our Q1
2025 financial results, which reflect consistent performance and resilience.
These results are publicly available for review.
“Fidelity Bank remains committed to maintaining the highest
standards of financial stability, transparency, and service excellence,” the
bank stated on its X account.
Recall that Fidelity Bank announced that it has applied for
the interpretation of a Supreme Court judgement on a legacy transaction between
the defunct FSB International Bank and Sagecom Concepts Limited.
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