No Plans to Revoke Licenses of Wema, Polaris, Unity & Fidelity-CBN

CBN building
CBN building Google

The Central Bank of Nigeria (CBN) has clarified that there are no plans to revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank, and Unity Bank.

The Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, issued a statement denying rumors of such plans, stating that they were false.

Ali noted that a circular issued by the CBN on January 10, 2024, regarding the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being re-circulated as though it was issued on June 10, 2024. She attributed this to unscrupulous individuals seeking to create panic in the system.

Ali reassured the banking public that their deposits were safe, emphasizing that the banking system was resilient. She highlighted that the defunct Heritage Bank was an isolated case and that allegations of further revocation of licenses prior to the completion of the bank recapitalization exercise were mere fabrications.

Ali urged the public to continue their regular banking activities without concern, dismissing any false reports regarding the health of specific Deposit Money Banks.

She confirmed that the CBN was proactively ensuring the stability of Nigeria's financial system, guaranteeing the safety of depositors' funds in all Nigerian financial institutions.

The CBN Governor, Olayemi Cardoso, had previously stated that the recapitalization of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks.

Ali urged all stakeholders to cooperate in ensuring the success of the process, which she noted would be for the overall growth of the Nigerian economy.

Ali reiterated that the Nigerian banking industry remains resilient, with key financial soundness indicators within current regulatory thresholds.

She encouraged customers to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.

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