CBN Is Not Revoking Licences Of Polaris, Wema, Unity Banks – Sidi Ali
The Central Bank of Nigeria (CBN) has refuted reports making the rounds in some section of the media that it is planning to revoke operating licences of Polaris, Wema and Unity Banks.
The apex bank made the clarification in a statement on Monday.
It said the clarification became necessary in view of fake reports about the instability of some banks following the revocation of licence of Heritage Bank Plc.
Hakama Sidi Ali, the acting Director of Corporate Communications Department of the CBN, reassured the public of the safety of their deposits and the resilience of the banking system.
“The Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds,” Mrs. Sidi Ali stated.
She said that the rumours emanated from the circular issued on January 10, 2024 which announced the dissolution of the boards of Union, Keystone, and Polaris Bank.
She said this circular was now being misrepresented as a new directive issued on June 10, 2024.
Mrs. Sidi Ali clarified that this is an old notification and not a recent development.
“The case of Heritage Bank is isolated, the allegations of further licence revocations before the completion of the bank recapitalisation exercise are unfounded and aimed at causing unnecessary panic”, she noted.
She urged customers, especially those of Heritage Bank, not to worry about the safety of their deposits, as the Nigeria Deposit Insurance Corporation (NDIC) has already begun payments to the bank’s insured depositors.
Mrs. Sidi Ali clarified that this is an old notification and not a recent development.
She urged customers of Heritage Bank, not to worry about the safety of their deposits, as the Nigeria Deposit Insurance Corporation (NDIC) has already begun payments to the bank’s insured depositors.
