The Central Bank of Nigeria, (CBN), has allayed fears of Nigerians that any bank in the country is at the risk of financial instability.
It gave the assurance in a circular issued on Monday, signed by Hakama Sidi Ali (Mrs.), Ag. Director, Corporate Communications.
The apex back declared that the Nigerian banking sector remained resilient, safe, and sound.
NATIONAL POST reports that the clarification came amid rumour that Fidelity Bank is unstable.
The rumour stemmed from the Supreme Court’s order that the financial institution should pay N225 billion in damages to Sagecom Concept Limited.
But the CBN reassured the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound.
It said in the statement that, “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.”
On its part, the Fidelity Bank also declared that it was not under any form of bankruptcy proceedings.
According to a statement on its X handle, "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.”
It had also appealed the judgement.