CBN Speaks on Plans to Revoke Licenses of Fidelity, Wema, Polaris, Unity Banks

CBN Speaks on Plans to Revoke Licenses of Fidelity, Wema, Polaris, Unity Banks

The Central Bank of Nigeria has spoken on alleged plans to revoke the operating licenses of Fidelity, Wema, Polaris and Unity Banks.

According to the apex bank, there are no such plans in place to revoke the licenses of the aforementioned banks.

Acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali, made the clarification on Monday, via a statement.

Ali’s clarification followed the circulation of a circular on Monday suggesting that the apex bank has dissolved the boards of the three banks less than a week after revoking the license of Heritage Bank.

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Describing the claim as false, the CBN reassured members of the banking public of the safety of their deposits and the banking system’s resilience.

“Without prejudice to the ongoing recapitalization process, I want to restate that the Nigerian banking industry remains resilient.

“Key financial soundness indicators remain within current regulatory thresholds.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system,” she stated.

Recall that on June 3, CBN announced the withdrawal of license for Heritage Bank over poor financial performance.

To quell public panic, the Nigerian Deposit Insurance Corporation, NDIC assured Heritage Bank depositors that it had already begun the process of repaying their money.

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Written by Tare Magbei

Tare Magbei is a media practitioner with Daily Report Nigeria.

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