No Cause for Alarm: CBN Dismisses Fidelity Bank Collapse Rumours

The Central Bank of Nigeria (CBN) has reassured the public that Nigeria’s banking sector remains stable and secure, dismissing recent reports suggesting financial distress involving Fidelity Bank Plc. In a statement issued by the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank described the circulating allegations as misleading and unfounded.

The CBN acknowledged the spread of publications and social media commentary related to an alleged N14 billion Supreme Court judgment against Fidelity Bank, clarifying that the institution remains in good standing under its regulatory oversight. It emphasized that all regulated financial institutions, including Fidelity Bank, are subject to stringent supervision and that depositors have no cause for concern.

“The Nigerian banking sector remains resilient, safe, and sound,” the statement said, while noting that the CBN has robust systems in place to detect early warning signs and promptly address emerging issues. It urged the public to ignore sensational or unverified claims and to rely on official channels for accurate information about the financial system.

In a separate statement, Fidelity Bank reaffirmed its strong financial health, stating that it is not under any form of bankruptcy proceedings and continues to meet all its financial and legal obligations. The bank cited its Q1 2025 financial results as evidence of its consistent performance and resilience, highlighting its position as one of Nigeria’s most capitalised and profitable banks with growing international operations.

The clarification from both the CBN and Fidelity Bank comes in response to claims that the Supreme Court awarded N14 billion in damages against the bank over a disputed deal involving two companies.