The Chartered Institute of Bankers of Nigeria and the Body of Banks CEOs in Nigeria wish to express their concern over the persistent social media criticisms targeted at Nigerian banks. It is essential to highlight the significance and contributions of the banking sector, which remains one of the most regulated and integral parts of Nigeria’s economy.

The Nigerian banking industry is governed by rigorous regulations issued by the Central Bank of Nigeria (CBN), its primary regulator, and other direct and indirect regulatory bodies. A large number of these banks are publicly listed and adhere to the highest standards of transparency and compliance, as required by domestic and international investors and regulatory agencies.

In addition to the CBN, regulatory bodies like the Nigerian Exchange Group (NGX), Securities and Exchange Commission (SEC), Financial Reporting Council (FRC), and Nigeria Deposit Insurance Corporation (NDIC), play pivotal roles in maintaining transparency, integrity, and accountability within the sector.

Nigerian banks are also staffed with a wealth of globally competitive and certified professionals, regulated by both national and international bodies. These professionals, coupled with partnerships with globally recognized service providers and investments in cutting-edge technologies, elevate Nigerian banks to global standards in every market they operate.

Internationally renowned auditing firms, rating agencies, and other independent bodies routinely evaluate the operations, financial records, and compliance of Nigerian banks. These rigorous assessments ensure that the banks align with global best practices, reflecting their commitment to delivering trustworthy and quality services to the public. As a result, Nigerian banks consistently receive high ratings both individually and collectively.

Investor confidence in Nigerian banks is evident, with the sector being a top choice for retail and institutional investors alike. The resilience and dynamism of the banking industry are built on the trust of its customers, demonstrating that the sector is a cornerstone of economic growth and development in Nigeria. Rather than being criticized, the continued strength of this sector should be a source of national pride.

The banking sector is pivotal to Nigeria’s economic growth, contributing significantly to individuals, businesses of all sizes, and the society at large. The economy’s development relies heavily on the banks’ intermediary roles, and their positive impact is undeniable.

If any individual or group has concerns or grievances regarding the operations of any bank, they are encouraged to direct such issues to the appropriate regulatory authorities. These bodies are equipped to address concerns impartially and professionally, ensuring that all matters are resolved through the proper channels.

Resorting to social media attacks, blackmail, or smear campaigns not only undermines the hard-earned reputation of these institutions but also seeks to unfairly manipulate targeted banks. We urge individuals engaged in such actions to desist and consider the facts before making accusations. The regulatory agencies are well-positioned to handle concerns with diligence and professionalism.

We remain committed to delivering the highest standard of banking services, guided by the regulations that govern our industry. Together, let us foster an environment of trust and collaboration, recognizing the positive impact of a professional sector that brings pride to Nigeria and Africa. As the banking sector continues its efforts to build a resilient Nigerian economy, we call on citizens to support its mission of creating a stronger economy that works for everyone.

Signed:

Dr Oliver Alawuba, FCIB Professor Pius Deji Olanrewaju, Ph.D, FCIB

Chairman President

Body of Banks CEOs in Nigeria The Chartered Institute of Bankers of Nigeria

Justice Abiola Soladoye of the Ikeja Sexual Offences and Domestic Violence Court recently handed down a life imprisonment sentence to Benjamin Ogba, a head teacher convicted of defiling two seven-year-old girls.

The judge was satisfied that the prosecution had proven the case beyond reasonable doubt, establishing all elements of defilement.

Ogba’s defense was deemed unconvincing, with the judge describing his testimonies as “a pack of lies.” The evidence presented by the defense witnesses was also found to be unreliable and tainted with lies.

Soladoye described the convict as a “serial paedophile” and his testimonies a “pack of lies.”

She said: “The convict and his fellow defence witnesses were not truthful and credible in their testimonies, during the trial. Their testimonies were a pack of lies and fell asunder like a pack of cards.

“This serial paedophile, a head teacher, who is expected to teach his students morals, stooped so low and defiled the underage girls. What a shame!

“This irresponsible and randy teacher, who teaches his students nonsense, should be locked away,” she ruled.

The judge also praised the two survivors for their courage to speak up in court against their assailant.

She said that sexual abuse of any sort must be reported and not swept under the carpet.

Soladoye further urged parents not to relent in reporting sexual abuse cases to the appropriate authorities.

“Continuous education and awareness of this issue of sexual menace must be at the forefront of all stakeholders in the administration of justice to advocate the rights of young children.

“The defendant, having been found guilty of the two counts bordering on defilement, is hereby sentenced to life imprisonment on each of the counts.

“The sentencing, will however, run concurrently and his name registered in the Sex Offences Register as maintained by the Lagos State,” she said.

During the trial, the state prosecution counsel, Mr. Olusola Soneye, called three witnesses while the defence counsel called four witnesses.

The prosecutor said the convict committed the offence sometime in April and May 10, 2019, at Shalom Private School, Oke-Ira Road, Ebutte Metta in Lagos.

He said Ogba defiled the two survivors by having unlawful sexual intercourse with them.

The prosecutor also told the court that one of the girls, however, informed her mother and the case was reported at the police station.

According to the prosecutor, the offence contravened Section 137 of the Criminal Laws of Lagos State, 2015.

The Nigerian National Petroleum Company Limited (NNPCL) has increased the price of Premium Motor Spirit, otherwise known as petrol, from N855 per litre to N998 per litre.

The increase in the price of petrol, which came on Wednesday, was noticed at the pumps at all NNPCL depots in Lagos State.

The new development is a 12.7 percent or N113 increase from the initial price.

Recall that the national oil company had on September 3, 2024, raised the price of petrol from N568, which was the lowest in Lagos, and N617 in some other parts of the country, to a minimum of N855, obtainable in Lagos.

More to come…