By Eve Omayrs
Amid recent reports of bank branch and ATM closures, the Chartered Institute of Bankers of Nigeria (CIBN) has moved swiftly to reassure the public of the sector’s unwavering stability. The Institute, led by its President, Professor Pius Olanrewaju, dismissed claims casting doubt on the health of a particular financial institution, labeling such reports as “misleading and unfounded.”
Speaking in alignment with the Central Bank of Nigeria (CBN), Prof. Olanrewaju emphasized that the Nigerian banking industry remains resilient, adequately capitalized, and secure, urging citizens to disregard sensational headlines and continue their banking activities with confidence.
His remarks come on the heels of an International Monetary Fund (IMF) report which revealed that 234 bank branches and 649 ATMs were shut down across the country—a development that has sparked public concern. However, financial experts attribute the closures to cost-cutting measures, digital transformation, and operational restructuring, rather than systemic weakness.
“The banking sector in Nigeria is not only safe but also evolving to meet the demands of the digital age,” Prof. Olanrewaju noted, adding that the shift in infrastructure should be seen as an upgrade in efficiency rather than a sign of distress.
The CIBN reiterated its commitment to upholding public trust and maintaining confidence in the financial system, assuring stakeholders that ongoing reforms are geared toward innovation, inclusion, and long-term sustainability.