CBN debunks rumors of revoking licences of Fidelity, Wema, Polaris, and Unity banks

The Central Bank of Nigeria (CBN) has dismissed rumors of plans to revoke the operating licenses of Fidelity, Wema, Polaris, and Unity Banks. According to the Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, the rumors are false and aimed at creating panic in the system.

Mrs. Sidi Ali clarified that a circular issued on January 10, 2024, regarding the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being recirculated as if it were issued on June 10, 2024. She assured the public that the banking system is resilient and that customers’ deposits are safe.

“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 said.

Mrs. Sidi Ali also reassured customers of Heritage Bank, whose license was recently revoked, that their insured deposits are being paid by the Nigeria Deposit Insurance Corporation (NDIC).

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The CBN urged the public to disregard false reports regarding the health of specific Deposit Money Banks and to continue their regular banking activities without concern.

It added that the bank’s robust regulatory framework is proactively ensuring the stability of Nigeria’s financial system, guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.

The Governor of the CBN, Olayemi Cardoso, had earlier assured that the recapitalization of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks. Mrs. Sidi Ali reiterated this, urging all stakeholders to cooperate in ensuring the success of the process, which will lead to the overall growth of the Nigerian economy.

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