Home Business CBN Denies False Alegations of License Withdrawals of Three Additional Banks

CBN Denies False Alegations of License Withdrawals of Three Additional Banks

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The Central Bank of Nigeria (CBN) has said that it has no plans to revoke the licences of Unity, Polaris, and Keystone banks.

The apex bank stated this to debunk the claims that it plans to revoke the licences of the three banks, following the revocation of Heritage Bank’s licence.

According to the Acting Director, Corporate Communications, Mrs Hakama Sidi Ali the apex bank “unequivocally states that these allegations are false and intended to trigger panic in the financial system.”

The statement reads in part:
The attention of the Central Bank of Nigeria (CBN) has been drawn to some information
circulating in the public domain, suggesting that the CBN is set to revoke the licenses of three additional banks following its regulatory action against Heritage Bank Plc on Monday, June 3, 2024.

The Nigerian financial system remains safe, sound, and resilient. Our banks have begun
submitting implementation plans for the Banking Sector Recapitalisation Programme in compliance with the CBN Circular reviewing the minimum capital requirements for Commercial, Merchant, and Non-Interest Banks (CMNIBs).

These plans, Mrs Sidi Ali affirmed are currently being reviewed by the Bank, stressing that the proactive measure by CBN to require CMNIBs to recapitalize will result in increased capital for Nigeria’s banks, while enabling them to provide the 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.” She said.

The apex bank however reassured all stakeholders of its unwavering commitment to ensuring financial system stability, noting that the nation’s financial system remains firm and it will continue to take all necessary steps to maintain its safety and soundness.

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