The Central Bank of Nigeria (CBN) has officially dismissed claims circulating on social media regarding the alleged bankruptcy of Fidelity Bank, describing such reports as misleading and urging the public to disregard them.

In a statement released on Monday, CBN's acting spokesperson, Hakama Sidi Ali, reassured Nigerians that the country's banking sector remains "resilient, safe, and sound" despite the rumors.

The clarification comes in response to reports suggesting Fidelity Bank was facing bankruptcy after the Supreme Court allegedly ordered the financial institution to pay N225 billion in damages to Sagecom Concept Limited.

"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 statement read.

The apex bank emphasized that it continues to monitor all financial institutions under its regulatory purview and maintains robust frameworks for early warning signals and risk-based supervision, ensuring that emerging issues are promptly addressed to protect the integrity of the financial system.

Fidelity Bank also issued its own statement, confirming it is not under any form of bankruptcy proceedings and describing itself as "one of the most well-capitalised and profitable financial institutions in Nigeria, with expanding international operations."

"Fidelity Bank 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," the bank stated on its X account.

The bank also disclosed that it has applied for the interpretation of a Supreme Court judgment on a legacy transaction between the defunct FSB International Bank and Sagecom Concepts Limited, which appears to be the source of the bankruptcy rumors.

The CBN has urged the public to disregard sensational or unverified claims and rely solely on official channels for information about the financial system, reaffirming its commitment to fostering a secure banking environment where depositors can be fully confident in the safety of their funds.