CBN denies plans to revoke licences of 3 additional banks


The Central Bank of Nigeria (CBN) has said that it has no plans to withdraw the licenses of three additional banks namely, Unity, Polaris and Keystone.

The bank had on Monday revoked the operational licenses of Heritage Bank and directed the Nigeria Deposit Insurance Corporation NDIC to commence liquidation process of the bank.

In a statement by the Acting Director of Corporates Communications, Mrs Hakama Sidi-Alivon Tuesday, the apex bank said it was reacting  to online reports suggesting that the three bank licences would be terminated following the recent revocation of Heritage Bank’s licence.

According to the CBN, the decision to withdraw Heritage Bank licence was made because the bank’s board and management had failed to improve its financial standing, posing a threat to financial stability.

The statement further reads:

“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 Barnk Plc on Monday, June 3, 2024.

“The CBN unequivocally states that these allegations are false and intended to trigger panic in the financial system. 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 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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