Central Bank of Nigeria, on Monday, dismissed rumours that it has plans to revoke the operating licences of Fidelity, Polaris, Wema, and Unity Banks.
CBN made this clarification amid concerns about the stability of some Nigerian banks following the recent revocation of the licence of Heritage Bank Plc.
Acting Director, Corporate Communications Department, Hakama Sidi Ali, in a statement on Monday, 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,” the statement partly read.
It stated that there was a misinformation making the around regarding a circular issued on January 10, 2024, which announced the dissolution of the Boards of Union, Keystone, and Polaris Banks.
The CBN said the circular was now being misrepresented as a new directive issued on June 10, 2024.
It clarified that this was an old notification and not a recent development.
“The case of Heritage Bank is isolated,” she stated, adding that allegations of further licence revocations before the completion of the bank recapitalisation exercise are unfounded and aimed at causing unnecessary panic.
The apex bank 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.
The statement which also reiterated CBN’s commitment to financial stability, encouraged the public to continue their regular banking activities without worry, noting, “Customers are encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.”
It further highlighted the robust regulatory framework of the CBN, which proactively ensures the stability of Nigeria’s financial system, guaranteeing the safety of depositors’ funds across all Nigerian financial institutions.
The statement also noted the assurances of the CBN Governor, Olayemi Cardoso, about the ongoing recapitalisation process designed to strengthen the banking system and protect it from potential risks.
“Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient,” it added.
The CBN urged all stakeholders to support the recapitalisation initiative, which it said is crucial for the overall growth of the Nigerian economy.
