The Central Bank of Nigeria (CBN) has debunked widespread social media rumours alleging that Fidelity Bank is facing bankruptcy, following a Supreme Court judgment involving a N225 billion damages award.
In an official statement released Monday by the apex bank’s acting Director of Corporate Communications, Hakama Sidi Ali, the CBN reassured the public that the Nigerian banking sector remains strong and stable.
“The attention of the Central Bank of Nigeria (CBN) has been drawn to certain publications and social media reports containing misleading information regarding the operations of a regulated financial institution,” the statement read.
“The CBN wishes to categorically reassure the public, depositors, and stakeholders that the Nigerian banking sector remains resilient, safe, and sound. 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 CBN emphasized that it continuously monitors financial institutions under its regulatory scope and has mechanisms in place to swiftly address any potential threats to the financial system.
“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.
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“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,” the statement concluded.
Fidelity Bank Responds
In a separate statement posted to its official X (formerly Twitter) account, Fidelity Bank also clarified its position regarding the situation and refuted all claims of financial distress.
“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,” the bank stated.
The recent controversy stems from a Supreme Court judgment that ordered Fidelity Bank to pay N225 billion to Sagecom Concept Limited over a legacy transaction linked to the now-defunct FSB International Bank. However, the bank has since filed for a legal interpretation of the court’s judgment.
“Fidelity Bank announced that it has applied for the interpretation of a Supreme Court judgement on a legacy transaction between the defunct FSB International Bank and Sagecom Concepts Limited.”
Both the Central Bank and Fidelity Bank have urged Nigerians to rely on official sources and to disregard unverified online reports, reiterating their commitment to maintaining a stable and trustworthy financial ecosystem.