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CBN Clarifies Stance on revoking Licenses for Fidelity, Wema, Polaris, and Unity Banks

Published by Tope Fakinlede on June 11th, 2024.

CBN Clarifies Stance on revoking Licenses for Fidelity, Wema, Polaris, and Unity Banks

The Central Bank of Nigeria (CBN) has confirmed that it has no intention of revoking the licenses of Fidelity, Wema, Polaris, and Unity Banks. This announcement was made by Mrs. Hakama Sidi Ali, the acting Director of the Corporate Communications Department, in a statement released on Monday.

Earlier that day, rumors circulated via a circular claiming that the CBN had dissolved the boards of these banks shortly after revoking the license of Heritage Bank. Mrs. Hakama Sidi Ali refuted these claims, labeling them as false.

The CBN reassured the public of the safety of their deposits and the robustness of the banking system. “Despite the ongoing recapitalization process, the Nigerian banking industry remains resilient. Key financial soundness indicators are within regulatory thresholds,” she stated. She encouraged customers to continue their banking transactions as usual, emphasizing the CBN’s commitment to maintaining a secure banking environment.

Previously, on June 3, the CBN had revoked the license of Heritage Bank due to poor financial performance. To address concerns, the Nigerian Deposit Insurance Corporation (NDIC) assured depositors of Heritage Bank that steps were being taken to repay their funds.