CBN has no intention to revoke the licenses of Wema, Polaris, Unity, and Fidelity banks.

The Acting Director of Corporate Communications

at the Central Bank of Nigeria (CBN), Mrs. Hakama Sidi Ali, clarified in Abuja today that rumors about the CBN planning to revoke the licenses of certain banks were false. She highlighted 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 being issued on June 10, 2024, by some unscrupulous individuals aiming to create panic.

Mrs. Sidi Ali assured the banking public about the safety of their deposits and the resilience of the banking system. She emphasized that the issues with Heritage Bank were isolated and dismissed claims of impending license revocations before the completion of the bank recapitalization exercise as baseless fabrications. Customers of Heritage Bank were also assured about the safety of their deposits, mentioning that the Nigeria Deposit Insurance Corporation (NDIC) had started paying out insured deposits.

Encouraging the public to continue their banking activities without worry, Mrs. Sidi Ali advised disregarding any false reports regarding the health of specific Deposit Money Banks. She affirmed that the CBN, through its strong regulatory framework, was actively working to ensure the stability of Nigeria's financial system and protect depositors' funds in all Nigerian financial institutions.

In line with Governor Olayemi Cardoso's reassurances, Mrs. Sidi Ali reiterated that the bank recapitalization initiative in Nigeria aimed to strengthen the banking system and safeguard it from risks. She called for cooperation from all stakeholders to support the process, emphasizing its importance for the overall growth of the Nigerian economy.