- The CBN Denies Plans to Revoke Licenses of Fidelity, Wema, Polaris, Unity Banks.
- A January 2024 circular about the dissolution of Union, Keystone, and Polaris Banks’ boards is being misrepresented as a new directive.
- The Nigerian banking industry remains resilient, with key financial soundness indicators within regulatory thresholds.
- Customers are encouraged to proceed with their transactions as usual, as the CBN ensures the safety of the banking system.
- The recent license revocation of Heritage Bank is an isolated case, and allegations of further revocations are fabrications.
Newsypeople – The Central Bank of Nigeria (CBN) has denied plans to revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank, and Unity Bank. This clarification comes amid widespread rumors and misinformation circulating on social media platforms, particularly WhatsApp, about the potential revocation of these banks’ licenses.
The CBN’s statement, issued on June 10, 2024, by its Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, emphasized the resilience of the Nigerian banking industry and assured depositors that their funds remain secure. Mrs. Sidi Ali highlighted that the recent liquidation of Heritage Bank Plc was an isolated incident and that there are no plans to revoke the licenses of other banks.
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The CBN’s denial of these rumors is significant, as it aims to alleviate concerns and maintain public confidence in the banking system. The apex bank has taken steps to address the misinformation by clarifying the context of a January 10, 2024 circular that was misinterpreted as a new directive issued on June 10, 2024. This circular had notified the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, but it was not a precursor to additional licence revocations.
This content is fake and not from the Central Bank of Nigeria. pic.twitter.com/hazyYnMFXx
— Central Bank of Nigeria (@cenbank) June 4, 2024
The CBN’s statement also emphasized the robust regulatory framework that ensures the stability of Nigeria’s financial system and guarantees the safety of depositors’ funds across all Nigerian financial institutions. The bank’s commitment to ensuring the safety of the banking system is reflected in its ongoing recapitalization exercise, which aims to bolster the banking system and safeguard the sector against risks.
The CBN’s denial of plans to revoke the licenses of Fidelity, Wema, Polaris, and Unity Banks is a crucial step in maintaining public confidence in the banking system. The clarification addresses widespread misinformation and emphasizes the resilience of the Nigerian banking industry, ensuring that depositors can continue their regular banking activities without concern.
