June 10, 2024

No plan to revoke Wema, Polaris, Unity, Fidelity licences – CBN


 …Reassures Public About Safety of Their Bank Deposits

Emma Ujah,  Abuja Bureau Chief 

There is no plan to revoke the operating licences of Fidelity,  Wema, Polaris and Unity Banks, the Central Bank of Nigeria has said.

The Acting Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali clarified, in Abuja,  this afternoon, that the rumour of CBN’s plan to revoke the licences of the above banks were false.

She also noted that a circular issued by CBN on January 10, 2024, notifying the public about 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 blamed unscrupulous people for the development aimed at creating panic in the system.

Mrs. Sidi Ali there reassured members of the banking public of the safety of their deposits and the banking system’s resilience. 

The Ag. Director emphasised that Heritage’s case was isolated, adding that allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications of those who didn’t wish the banking sector well.

She added that even customers of Heritage  Bank needn’t worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment of the bank’s insured deposits.

Mrs. Sidi Ali, therefore, 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, with its robust regulatory framework, was proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.

While reiterating the assurances of the Governor (Olayemi Cardoso) that the recapitalisation of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks, Sidi 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. 

According to her, “Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds. 

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.”

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