The Central Bank of Nigeria (CBN) has dismissed rumours suggesting plans to revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank, and Unity Bank.
Acting Director of Corporate Communications of the CBN, Mrs. Hakama Sidi Ali, made this clear in a statement released yesterday, describing the rumours as unfounded.
Mrs. Sidi Ali clarified that a circular issued by the CBN on January 10, 2024, which announced the dissolution of the Boards of Union, Keystone, and Polaris Banks, was mistakenly being recirculated as though it was a recent development from June 10, 2024.
She blamed unscrupulous individuals for spreading these false claims with the intention of creating panic within the banking sector.
Reassuring the public, Sidi Ali emphasized, “The banking system remains resilient and the safety of deposits is assured.
The defunct Heritage Bank was an isolated case, and further allegations of license revocation are mere fabrications.”
She noted that even customers of the now-defunct Heritage Bank should not be concerned about the safety of their deposits, as the Nigeria Deposit Insurance Corporation (NDIC) had already commenced the payment of insured deposits.
Mrs. Sidi Ali urged the public to continue their regular banking activities without worry.
She highlighted that the CBN’s robust regulatory framework is designed to proactively ensure the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.
Reiterating the assurances from CBN Governor Olayemi Cardoso, Sidi Ali stated that the ongoing recapitalisation of banks in Nigeria is aimed at strengthening the banking system and protecting it against potential risks.
“Stakeholders are encouraged to support this process, which is critical for the overall growth of the Nigerian economy,” she said.
She concluded, “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.”
