Examination of Public Relations Strategies Used by Nigerian Banks During Financial Crises in Lagos

Banking crises erode public trust and require sophisticated public relations management to stabilise customer confidence and protect institutional reputation. This study examined the public relations strategies deployed by selected Nigerian commercial banks during periods of financial stress, using Lagos-based branch operations as the primary study context. A qualitative case study design was adopted, analysing the communication responses of three banks that experienced public confidence challenges between 2019 and 2023. Data were collected through semi-structured interviews with 12 bank public relations managers and communications officers in Lagos Island and Ikeja districts, supplemented by document analysis of official bank press releases, social media posts, and newspaper coverage during crisis periods. Thematic analysis identified dominant PR strategies including proactive media briefings, CEO-direct public addresses, social media reassurance campaigns, and corporate social responsibility activations as goodwill-building responses. Results showed that speed of initial response was the most critical success factor cited by all twelve respondents. Banks with dedicated crisis communication protocols demonstrated faster and more consistent messaging than those relying on improvised responses. Negative media framing persisted longer for banks that delayed public statements beyond 48 hours. The study concludes that Nigerian commercial banks require formalised crisis communication plans integrated into their corporate governance structures, and recommends that the Central Bank of Nigeria mandate crisis communication capacity as part of operational risk management requirements for licensed deposit money banks.

Keywords: public relations, crisis communication, banking, Lagos, institutional reputation