The Central Bank of Nigeria (CBN) has dispelled rumors regarding the potential revocation of licences for Unity, Polaris, and Keystone banks.
These speculations emerged following the CBN’s recent decision to revoke the operating licence of Heritage Bank.
Addressing the rumors on Tuesday, the CBN took to its social media platforms to reassure the public. “The content is fake and not from the CBN,” the post read, emphasizing that there are no plans to terminate the licences of the aforementioned banks.
The confusion stemmed from the CBN’s announcement on June 4, where it confirmed the revocation of Heritage Bank’s licence.
According to the CBN, this decision was necessitated by the bank’s prolonged inability to enhance its financial performance, posing a threat to financial stability.
“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability,” the CBN stated.
The bank had shown no reasonable prospects of recovery, prompting the CBN to take this critical step.
As part of the revocation process, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of Heritage Bank, in accordance with Section 12 (3) of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The CBN reiterated that this move underscores its unwavering commitment to maintaining the safety and soundness of Nigeria’s financial system.
