CBN denies planned withdrawal of three banks’ licences

Yemi Cardoso.Photo:Linkdeln

The Central Bank of Nigeria (CBN) has denied reported plans to withdraw the operating licences of three more banks.
[ad] Acting Director, Corporate Communications of the apex bank, Mrs Hakama Sidi-Ali, provided the clarification yesterday in Abuja.

She said: “The information circulating in the public suggesting CBN is set to revoke licences of three additional banks following its regulatory action against Heritage Bank Plc on Monday, June 3, is false and intended to trigger panic in the financial system.”

Sidi-Ali maintained that fhe Nigerian banks are safe and in good health. “The financial system remains safe, sound and resilient. Our banks have begun submitting implementation plans for the Banking Sector Recapitalisation Programme in compliance with CBN Circular reviewing the minimum capital requirements for Commercial, Merchant, and Non-Interest Banks (CMNIBs).
[ad] These plans are currently being reviewed by the Bank.

“In addition to enhancing buffers to withstand economic shocks, this proactive measure by the CBN to require CMNIBs to recapitalize will result in increased capital for Nigeria’s banks, enabling them to provide much-needed credit to critical sectors of the economy.

This will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy. The CBN would like to reassure all stakeholders of its unwavering commitment to ensuring the financial system’s stability. Our financial system remains on a solid footing, and the CBN will continue to take all necessary steps to maintain its safety and soundness.”

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