Banks CBN has no plan to revoke their operating licenses

The Central Bank of Nigeria, CBN, recently revoked the operating licenses of some banks in Nigeria including Heritage Bank.

Yesterday, the Apex Bank said there are banks that have met its operational standard and requirement.

The safe banks CBN has no plans to revoke the operating licenses were Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank.

This was contained in a statement by Acting Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali amid rumors of a plan to revoke the licences of the banks.

She also noted that a circular issued by CBN on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being re-circulated as though it was issued on June 10, 2024.

The statement described as false, the information making rounds on social media of intention of the ruling bank to withdraw the operations of the affected banks.

Sidi Ali, however, warned the unscrupulous elements who caused panic in the system by promulgating false news to desist from such.

Sidi Ali reassured members of the banking public of the safety of their deposits stressing that the banking system is resilience.

She emphasised that the defunct Heritage Bank was an isolated case, adding that allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications of those who didn’t wish the banking sector well..

The statement reads in part: “Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.”

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