Analysts Ask for Tougher Measures Against Purveyors of Fake News Against Banks

Financial analysts have expressed concern that the slew of fake news targeting some financial institutions could undermine the banking system and called on the authorities to crack down on the purveyors.

A financial expert, Dayo Bello, said he was surprised that despite repeated clarifications by the Central Bank of Nigeria (CBN) earlier this year, some mischief makers had infiltrated the media, recycling the same old, false news.

Bello expressed concern that it was regrettable that even some public officers who should know better were amplifying the fake news and called for tougher sanctions by the police, the CBN and other regulators.

“Such unwarranted and baseless attacks could undermine confidence and create a run, which is the last thing that the country needs at this time,” Bello said

Another analyst, Mr. Abdullahi Umaru, condemned the social media campaign, adding that he was particularly surprised that Keystone featured the fake news. He asked the police and the CBN to crack down on the purveyors.

“A bank with excellent retail banking record like Keystone Bank, even by KPMG BICX 2023 rating, is the last bank you expect to find in such false and alarming report,” he said, adding, “I have seen continuous, remarkable improvements in the performance of Keystone. The new management is obviously in pole position to recapitalise as directed by the CBN. No one needs any distractions now.”

It would be recalled that last week, the CBN issued a statement clarifying that a statement it had issued on January 10, 2024, on the dissolution of the Boards of Union, Keystone and Polaris Banks was being passed off as if it was issued on June 10, 2024.

On Tuesday, Keystone Bank issued a statement reaffirming that the bank remained safe, healthy, strong and resilient.

The bank said it was pursuing legal action against the purveyors of the fake news and urged customers and stakeholders to dismiss the report.