The Central Bank of Nigeria (CBN) has denied rumors of plans to revoke additional bank licenses following the recent withdrawal of Heritage Bank’s license. Acting Director of Corporate Communications, Hakama Sidi Ali, made this clarification in a statement on Tuesday.
On Monday, the CBN announced the revocation of Heritage Bank’s license, which caused concern among customers. However, the CBN reassured the public that the financial system remains safe, sound, and resilient.
“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 CBN unequivocally states that these allegations are false and intended to trigger panic in the financial system,” the statement read.
The CBN highlighted that 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 under review.
The CBN emphasized that the recapitalization initiative is aimed at enhancing the resilience of banks and increasing their capacity to provide credit to critical sectors of the economy, contributing to the growth of Nigeria’s economy.
The CBN assured stakeholders of its commitment to maintaining the stability of the financial system, reiterating that the system remains robust and the CBN will continue to take necessary measures to ensure its safety and soundness.
Earlier, the Nigeria Deposit Insurance Corporation (NDIC) also assured depositors of the safety of their funds.
