The Central Bank of Nigeria has confirmed the stability and safety of the country’s banking sector amid circulating unverified social media reports alleging distress in a regulated financial institution.

In a statement on Monday signed by Acting Director of Corporate Communications Hakama Sidi Ali, the CBN urged the public to ignore misleading information and to rely solely on official sources for updates about the financial system.

According to the CBN, the Nigerian banking sector “remains resilient, safe, and sound,” and the institution referenced in the reports is operating within “stringent regulatory requirements,” with no reason for concern about the safety of depositors’ funds.

“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound,” the statement read.

The Bank stated that it continues to use risk-based supervision frameworks and early warning systems to proactively identify and resolve any potential issues within the sector.

“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,” the statement added.

This comes as the apex bank pushes recapitalisation efforts across the banking industry to boost the capacity of deposit money banks ahead of new regulatory standards.

The CBN urged Nigerians to stay calm and confident in the financial system, reaffirming its commitment to maintaining a secure banking environment where depositors can trust the safety of their funds.

The CBN added that it will keep monitoring developments and adjust its strategies to protect depositors and maintain the stability of Nigeria’s financial system.

Separately, Fidelity Bank confirmed an ongoing Supreme Court judgment involving G. Cappa and Sagecom Concepts Limited, stating that its calculation of the settlement amount is N14 billion.

In a statement on Monday, the bank explained that the Supreme Court judgment stems from a legacy transaction between the now-defunct FSB International Bank and Sagecom Concepts Limited.

However, the bank clarified that a sponsored publication of the judgment has reportedly been circulated in the media to discredit and embarrass the bank.