Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has warned that the rapid spread of misinformation on digital platforms now poses one of the greatest threats to Nigeria’s banking system, stressing that public confidence remains the foundation of financial stability.
Speaking on Tuesday at the 2026
International Association of Deposit Insurers (IADI) Africa Regional Committee Annual Meeting and Workshop in Abuja, Oyedele described deposit insurance as a critical safeguard for protecting depositors and maintaining trust in the financial system.
The conference, hosted by the Nigeria Deposit Insurance Corporation (NDIC), focused on the theme: “Safeguarding Stability: Public Awareness and Crisis Readiness for a Stronger Future.”
Oyedele said while digital innovation, financial technology and increased cross-border financial activities had expanded opportunities for economic growth and financial inclusion, they had also introduced new risks that require stronger institutional preparedness.
He warned that in today’s digital era, false information could spread within minutes and trigger panic withdrawals from banks, even when financial institutions remain fundamentally sound.
According to him, public awareness is no longer merely a communication strategy but a vital component of risk management, as informed depositors are less likely to react to rumours during periods of uncertainty.
“No economy can achieve sustainable growth without a stable financial system built on public trust,” the minister said, adding that confidence in financial institutions must be earned through transparency, preparedness, strong regulation and consistent policy implementation.
Oyedele stressed that effective crisis management requires continuous collaboration among the Ministry of Finance, the Central Bank of Nigeria (CBN), deposit insurers and financial regulators long before financial emergencies occur.
Highlighting ongoing reforms under the Tinubu administration, the minister revealed that 33 of Nigeria’s 37 commercial banks successfully met the new capital requirements, raising about N4.65 trillion through the banking recapitalisation programme.
He said the stronger capital base had significantly reduced the likelihood of bank failures while reinforcing the country’s financial safety net.
Oyedele also pointed to Nigeria’s removal from the Financial Action Task Force (FATF) grey list in October 2025 as another milestone that had strengthened investor confidence and enhanced the credibility of the nation’s financial system.
He added that deposit insurance supports financial inclusion by encouraging savings, expanding access to credit and stimulating investment, job creation and inclusive economic growth.
Also speaking at the event, Central Bank of Nigeria Governor Olayemi Cardoso said maintaining public confidence had become the foremost responsibility of financial authorities as rapid technological advancement continued to reshape banking operations.
Represented by the Director of Other Financial Institutions Supervision Department, Solaja Mohammed-Jamiu Olayemi, Cardoso said public understanding of deposit insurance was just as important as the legal protections backing it.
He warned that misinformation amplified through social media could quickly undermine confidence in financial institutions, making accurate and timely communication indispensable.
The CBN governor stressed that institutions investing in contingency planning, crisis simulations and operational resilience were better equipped to withstand financial shocks.
Cardoso also highlighted the banking recapitalisation programme, foreign exchange reforms, stronger prudential regulations, improved corporate governance and risk-based supervision as major initiatives aimed at building a more resilient and globally competitive banking sector.
Managing Director and Chief Executive of the Nigeria Deposit Insurance Corporation, Bello Hassan, described public confidence as the most valuable asset of any financial system, warning that trust built over many years could disappear within days if uncertainty and misinformation were allowed to spread unchecked.
He said advances in fintech, artificial intelligence and cross-border financial services had expanded access to banking but also created complex risks requiring stronger cooperation among financial safety-net institutions.
Hassan recalled the 2023 global banking crisis, saying it demonstrated how quickly confidence could collapse in today’s digital environment and underscored the need for robust crisis preparedness, institutional coordination and timely intervention.
He reaffirmed NDIC’s commitment to strengthening depositor protection through improved reimbursement systems, expanded public awareness campaigns, enhanced crisis management capabilities and closer collaboration with the Central Bank, the Federal Ministry of Finance and other regulatory institutions.
The NDIC boss also called for deeper collaboration among African deposit insurers, saying greater information sharing and coordinated responses would be essential in protecting increasingly interconnected financial systems across the continent.
