Nigeria CBN Dispels Rumors, Affirms No License Revocations for Four Major Banks

The Central Bank of Nigeria has confirmed there are no plans to revoke the licenses of Fidelity, Wema, Polaris, and Unity Banks. The CBN reassures the public of the banking system's resilience and safety of deposits, despite recent rumors and the revocation of Heritage Bank's license.

The Central Bank of Nigeria (CBN) has clarified that there are no plans to revoke the licenses of Fidelity, Wema, Polaris, and Unity Banks. This reassurance was given by Mrs. Hakama Sidi Ali, Acting Director of the Corporate Communications Department, in a statement on Monday.

The clarification came in response to a circulating rumor suggesting that the CBN had dissolved the boards of these banks, following the recent revocation of Heritage Bank's license. The CBN firmly labeled these claims as false.

Mrs. Ali emphasized the resilience of Nigeria’s banking sector, reassuring the public that their deposits are safe. She stated, "Despite the ongoing recapitalization process, the Nigerian banking industry remains robust, with key financial soundness indicators within current regulatory thresholds. Customers should continue their banking transactions as usual, as the CBN is dedicated to safeguarding the banking system."

Earlier, on June 3, the CBN had revoked Heritage Bank's license due to poor financial performance. To address any resulting concerns, the Nigerian Deposit Insurance Corporation (NDIC) assured depositors that steps were already underway to repay their funds.

The CBN’s statement aims to maintain public confidence in the banking system and prevent unnecessary panic. It highlights the strength and stability of the sector despite recent changes and ongoing recapitalization efforts. The CBN remains committed to ensuring the security and integrity of the banking industry in Nigeria.