CBN Dispels Licence Revocation Rumours, Reassures Public

The Central Bank of Nigeria (CBN) has reassured the public about the safety of their deposits and the stability of the banking system. This statement follows concerns raised after the revocation of Heritage Bank Plc’s licence.

In response to claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks, Mrs. Hakama Ali, the acting director of the corporate communications department, clarified on Monday that these rumours are unfounded. She also addressed the circulation of a January 10, 2024, circular regarding the dissolution of the Boards of Union, Keystone, and Polaris Banks, which was mistakenly being reported as issued on June 10, 2024.

Ali emphasized that the situation with Heritage Bank is an isolated case and that allegations of further licence revocations are baseless and intended to cause unnecessary panic. She reassured customers, particularly those of Heritage Bank, that their deposits are safe and that the Nigeria Deposit Insurance Corporation (NDIC) has begun compensating the bank’s insured depositors.

Mrs. Sidi Ali urged the public to continue their banking activities without worry, dismissing any false reports about the health of specific Deposit Money Banks.

The CBN, under the leadership of Governor Olayemi Cardoso, is committed to maintaining the stability of Nigeria’s financial system. The ongoing recapitalisation process is designed to strengthen the banking sector and protect it from risks, contributing to the overall growth of the Nigerian economy.

Ali reiterated that the Nigerian banking industry remains resilient, with key financial indicators within regulatory thresholds. She encouraged customers to continue their transactions as usual, ensuring them that the CBN is dedicated to the safety and soundness of the banking system.


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