Following the revocation of the license of Heritage Bank, Unity, Keystone and Polaris banks have become to next pointed banks.
The Central Bank of Nigeria (CBN) has opened up on alleged revocation of Unity, Keystone and Polaris banks’ operating licenses report.
A medium – not Newsflasher – had reported that the Central Bank of Nigeria has commenced processes to revoke the operating licenses of Unity Bank, Keystone Bank and Polaris Bank.
The CBN in clarification said its action against Heritage Bank was in line with the act establishing it. CBN Governor, Yemi Cardoso said bank customers were saved by the action CBN took against Heritage Bank.
A statement by CBN’s Acting Director of Corporate Communications, Hakama Sidi Ali, said Heritage Bank’s license revocation was to ensure safety of customers’ money and save Nigeria’s financial system.
READ ALSO: Heritage Bank: If you have more than N5m, you can’t be paid now- NDIC
Mrs Ali said contrary to the report that CBN had begun processing revocation of operating licenses of Unity, Keystone and Polaris banks, the three banks have commenced efforts to achieve the recapitalization guideline.
The statement released on Tuesday, June 4 read: “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.”
Mrs Ali said “the Nigerian financial system remains safe, sound, and resilient. Our 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 being reviewed by the Bank.
She added that “in addition to enhancing buffers to withstand economic shocks, this proactive measure by the CBN to require CMNIBs to recapitalize will result in increased capital for Nigeria’s banks, enabling them to provide much-needed credit to critical sectors of the economy.
“This will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy. The CBN would like to reassure all stakeholders of its unwavering commitment to ensuring the financial system’s stability. Our financial system remains on a solid footing, and the CBN will continue to take all necessary steps to maintain its safety and soundness.”
