Access Holdings has issued a formal denial after a false publication began circulating on social media claiming that its subsidiary, Access Bank, will cease banking operations, and has warned
Access Holdings has issued a formal denial after a false publication began circulating on social media claiming that its subsidiary, Access Bank, will cease banking operations, and has warned that the people behind it are being tracked down.
In a statement released today and addressed to the Nigerian Exchange Limited, its shareholders, and the investing public, the company confirmed that the publication was entirely fabricated and was neither issued nor authorised by Access Holdings or Access Bank.
“Access Bank Plc remains fully operational, safe, well-capitalised and continues to serve its customers,” the company said. “There has been no change to the operations or financial condition of Access Bank Plc or Access Holdings Plc.”
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The company said the matter has been referred to regulatory, security, and law enforcement authorities, and that steps are being taken to identify and prosecute those responsible for creating and spreading the false post.
How the false Access Bank shutdown rumour could cause panicFalse rumours about bank closures can have serious consequences. In a country where trust in financial institutions has historically been fragile, misinformation about a major bank shutting down can trigger panic withdrawals, destabilise customer confidence, and cause real financial harm, not just to the bank but to ordinary depositors who act on false information before a correction reaches them.
The bank is one of Nigeria’s largest commercial banks, with operations across Africa and beyond, making the reach and potential damage of such a rumour significant.
Shareholders and customers have been advised to ignore the circulating post entirely and to rely only on official communications from Access Holdings, Access Bank, and the NGX.
Whoever originated the publication is likely to face serious legal consequences. Spreading false information capable of causing panic about a financial institution falls under multiple provisions of Nigerian law, including the Cybercrimes Act, and regulators treat such cases as threats to financial system stability.
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