Business
CBN Reassures Banking Public Amidst Heritage Bank Plc’s License Revocation
The Central Bank of Nigeria (CBN) has issued another round of reassurances to the banking public following the recent license revocation of Heritage Bank Plc. Amid concerns over the stability of some Nigerian banks, the Acting Director of Corporate Communications Department, Mrs Hakama Sidi-Ali, released a statement in Abuja reaffirming the safety of deposits and the resilience of the banking system.
Sidi-Ali, responding to speculations about potential license revocations for Fidelity, Polaris, Wema, and Unity Banks, dismissed such claims as unfounded. She specifically addressed the confusion surrounding a circular from January 10, 2024, concerning the dissolution of the Boards of Union, Keystone, and Polaris Banks.
Highlighting the isolated nature of the Heritage Bank situation, Sidi-Ali reiterated that the recent actions are not indicative of broader issues within the banking sector. She emphasized that the CBN is not contemplating further license revocations prior to the completion of the recapitalization exercise.
Assuring customers, especially those of Heritage Bank, Sidi-Ali pointed out that the Nigeria Deposit Insurance Corporation (NDIC) has initiated payments to insured depositors of the bank. She urged the public to continue their banking activities without worry, emphasizing the safety of deposits.
Reiterating Governor Olayemi Cardoso‘s commitment to recapitalizing banks for system stability, Sidi-Ali underscored the proactive measures undertaken by the CBN to fortify the financial sector. She urged stakeholders to support the recapitalization process, essential for Nigeria’s economic growth.
Despite ongoing restructuring efforts, Sidi-Ali stressed the resiliency of the Nigerian banking industry, with key financial indicators well within regulatory thresholds. Customers were encouraged to maintain normal banking transactions, as the CBN remains dedicated to safeguarding the system.
