BusinessNo Plan to Revoke Operational Licences Of Fidelity, Polaris, Wema, Unity...

No Plan to Revoke Operational Licences Of Fidelity, Polaris, Wema, Unity Bank – CBN

June 10, (THEWILL)- The Central Bank of Nigeria (CBN) has refuted reports of ongoing plans to revoke operational licences of Fidelity, Polaris, Wema and Unity Banks.

The apex bank, in a statement through its Acting Director of Corporate Communications Department, Mrs Hakama Sidi Ali, on Monday, assured members of the banking public of the safety of their deposits and the banking system’s resilience.

Sidi Ali further clarified that a circular issued by the Bank on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, is currently being circulated as though it was issued on June 10, 2024.

Earlier, the apex bank had revoked the operational licence of Heritage Bank.

Speaking with newsmen in Abuja on Monday, Sidi Ali emphasised that the case of Heritage Bank was isolated, adding that allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications, aimed at creating panic within the system.

She assured customers, particularly those of Heritage Bank about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors.

She urged the public to continue their regular banking activities without concern, dismissing any false reports regarding the health of specific Deposit Money Banks.

Sidi Ali confirmed that the CBN, with its robust regulatory framework, is proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.

While reiterating the assurances by CBN Governor, Olayemi Cardoso, that the recapitalisation of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks, Sidi Ali urged all stakeholders to cooperate in ensuring the success of the process, which she noted would be for the overall growth of the Nigerian economy.

“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”, she added.


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