CBN quells Fidelity Bank’s collapse rumours on social media 

The Central Bank of Nigeria (CBN) says the nation’s banking sector remains “resilient, safe, and sound” amid social media rumours alleging Fidelity Bank faces financial distress linked to a legacy legal case.

The apex bank’s clarification follows a surge in online speculation suggesting Fidelity Bank risks collapse due to a court ruling involving a defunct financial institution.

“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound,” Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, says in an official statement seen by Technology Times.

The CBN confirms it is “aware of misleading information regarding the operations of a regulated financial institution” and urges Nigerians to disregard what it calls “sensational or unverified claims,” advising the public to rely on official communication for updates on the financial system.

The apex bank notes that all deposit-taking institutions are subject to “stringent regulatory requirements,” and reiterates that there is no threat to the safety of funds held by Nigerian banks.

The CBN statement follows a response from Fidelity Bank Plc, which also distances itself from the circulating bankruptcy claims. In a separate release titled “Fidelity Bank Clarifies Position on Court Judgment,” the lender calls the rumours “unfounded” and says the bank “remains financially strong, profitable, and fully capable of meeting all its obligations.”

The controversy arises from a case involving FSB International Bank, which merged with Fidelity Bank over 20 years ago. According to Fidelity Bank, the dispute traces back to a 2002 loan extended to G. Cappa Plc by the now-defunct FSB.

“The matter has undergone extensive legal processes, and we are currently seeking clarification on the judgment to ensure the financial implications are correctly understood,” the bank says.

Fidelity Bank adds that it is taking the “malicious reports” seriously and remains focused on safeguarding its reputation and stakeholders’ interests.

“Fidelity Bank continues to operate as one of Nigeria’s most capitalised financial institutions, with no risk of bankruptcy,” it says.

In reinforcing regulatory oversight, the CBN states it employs “robust frameworks for early warning signals and risk-based supervision” to ensure prompt resolution of any emerging threats to the banking system.

Both the central bank and the publicly listed lender say they remain committed to ensuring financial system stability and protecting public confidence in Nigeria’s banking sector.