THE Central Bank of Nigeria (CBN) has reassured the public that the banking sector is stable and that depositors’ funds are safe, contrary to certain publications and social media reports on Fidelity Bank Plc’s bankruptcy.

The apex bank reaffirmed this in a statement issued late Monday, May 19, by its acting director of corporate communications, Hakama Sidi Ali.

CBN reassurance came following reports claiming that Fidelity Bank is facing financial bankruptcy which the bank said were misleading and unfounded, assuring its customers and stakeholders of its strong financial position

In its position as the apex regulator, CBN further reassured that the banking sector remains stable.

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

It maintained that, like all other regulated institutions, the bank referenced in the reports is held to stringent regulatory requirements, and there is no cause for concern regarding the safety of depositors’ funds.

It assured to continue to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision.

It stressed that the mechanisms help to 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.

“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,” CBN added.

Fidelity Bank refutes report on bankruptcy, clarifies court judgment

Similarly, Fidelity Bank  also refuted the claims in a statement on Monday, May 19.

It stated, “We would like to address recent misleading reports regarding a court judgment involving the defunct FSB International Bank, which have wrongly suggested that Fidelity Bank is facing bankruptcy.”

“These claims are unfounded, and we want to assure our customers, investors, and the public that Fidelity Bank remains financially strong, profitable, and fully capable of meeting all its obligations.”

According to the bank, the issue stems from a legacy transaction from 2002 in which FSB International Bank provided a loan to G. Cappa Plc.

Noting that the case has undergone extensive legal processes, the bank said it is currently seeking clarification on the judgment to ensure that the financial implications are correctly understood.

“We take these malicious reports seriously and are committed to protecting our bank’s reputation and the interests of our stakeholders.

“Rest assured, Fidelity Bank continues to operate as one of Nigeria’s most capitalized financial institutions, with no risk of bankruptcy,” the bank maintained.

The ICIR can report that Fidelity Bank recorded a positive financial position in the first quarter of the year.

A cursory look at its financial statements shows that the bank posted a total equity of N933.14 billion, as total assets of N10.45 trillion were higher than total liabilities of N9.52 trillion.

The bank also posted a positive financial performance as its profit after tax rose by 189.75 per cent to N91.101 billion in March 2025 from N31.44 billion in March 2024.

The first quarter 2025 financial results demonstrate our robust position, the bank stressed.

“We remain focused on our core values and are fully dedicated to supporting our customers and communities,” it added.