The Central Bank of Nigeria (CBN) has categorically denied speculations regarding the revocation of operating licenses for Fidelity Bank, Wema Bank, Polaris Bank, and Unity Bank. Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, made this clarification in response to circulating rumours aimed at creating panic within the banking sector.
In a statement released yesterday, Sidi Ali emphasized that the rumours were baseless and unfounded. She clarified that a circular issued by the CBN on January 10, 2024, announcing the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being misrepresented as a recent directive.
Attributing the dissemination of false information to malicious intent, Sidi Ali reassured the banking public of the safety of their deposits, affirming the resilience of the banking system. She underscored that the recent case of Heritage Bank was an isolated incident and urged customers not to harbor concerns regarding the security of their funds.
Furthermore, Sidi Ali highlighted the proactive measures undertaken by the CBN to ensure the stability of Nigeria’s financial system. She reiterated the commitment of the regulatory body to uphold stringent standards and safeguard depositors’ funds across all Nigerian financial institutions.
While acknowledging ongoing efforts to recapitalize banks in Nigeria, Sidi Ali reiterated the importance of cooperation from all stakeholders to facilitate the successful completion of the process. She emphasized that the recapitalization initiative aimed to strengthen the banking sector and fortify it against potential risks, ultimately fostering the growth of the Nigerian economy.
Sidi Ali concluded by urging customers to conduct their banking activities as usual, reaffirming the CBN’s dedication to maintaining the integrity and stability of the banking system. She assured stakeholders that the regulatory framework in place would continue to uphold the soundness and resilience of the Nigerian banking industry.
