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Nigeria: CBN attacks media over reports of its curbs on bank advertising

The Central Bank of Nigeria (CBN) blamed media organisations in the country for distorting the banks' decision to curb excessive publicity and advertisements. In a statement posted on its website CBN it said at no time did Professor Chukwuma Soludo ban commercial banks from advertising their products. It was widely reported on Sunday that CBN had banned banks from advertising.

The statement signed by bank's Head of Media Festus Odoko reads in part: "From news reports making the rounds among media houses, the Central Bank of Nigeria has observed a deliberate attempt at distorting the decision jointly taken at the last Bankers' Committee Meeting held Friday, February 13, 2009.

"The CBN Governor Prof Chukwuma C. Soludo while briefing the media on Friday, February 13, 2009, after the Bankers' Committee Meeting, conveyed the decision that in order to curtail excessive competition, banks should moderate the fanfare with which they publish their annual financial accounts, limiting it to a half-page black and white advert in two national newspapers of their choice. Similarly that the publication of half-yearly and quarterly financial statements should be limited to quarter page black and white in two national dailies.

Daily Trust

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