CBN Dismisses Claims Of Fidelity Bank Bankruptcy

The Central Bank of Nigeria has denied rumours circulating on social media that Fidelity Bank is facing bankruptcy.

In a statement released by Hakama Sidi Ali, the acting director of corporate communications, the apex bank called the claims misleading and reassured the public that Nigeria’s banking sector remains resilient, safe, and stable.

The clarification comes after reports that the Supreme Court ordered Fidelity Bank to pay N225 billion in damages to Sagecom Concept Limited, which sparked speculation about the bank’s financial condition.

“The attention of the Central Bank of Nigeria has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution,” the statement said.

“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 bank referenced in these reports is subject to stringent regulatory oversight, and there is no cause for concern regarding the safety of depositors’ funds.”

The bank also emphasized that it has strong monitoring systems in place, including early warning signals and risk-based supervision, to quickly identify and address any emerging issues within the financial system.

“We urge the public to disregard sensational or unverified claims and rely solely on official sources for accurate information,” it added.