Home Business Heritage Bank: CBN Debunks Rumors of License Revocation for 3 Banks
Business

Heritage Bank: CBN Debunks Rumors of License Revocation for 3 Banks

Share
FG Pays N912.32bn Interest on CBN Loans
Share

The Central Bank of Nigeria (CBN) has debunked rumors circulating in the public domain about the potential revocation of licenses for three additional banks.

In a press statement released by the bank’s Acting Director of Corporate Communications, Haka Sidi-Ali, the CBN described these allegations as false and malicious, aimed at spreading panic in the financial system.

The CBN reaffirmed the stability and resilience of the Nigerian financial system, adding that banks have already begun submitting their implementation plans for the Banking Sector Recapitalization Programme.

These plans, Sidi-Ali revealed, are currently under review by the CBN, in line with the recent circular issued by the bank, which revised the minimum capital requirements for commercial, merchant, and non-interest banks.

ATTENTION: Click HERE to join our WhatsApp group and receive News updates directly on your WhatsApp!

READ ALSO: BREAKING: CBN Revokes Heritage Bank’s Operating License

It disclosed the proactive measure of recapitalization as a strategic move to strengthen banks’ buffers against economic shocks.

Accounting to the Apex Bank, the initiative will increase the capital base of Nigerian banks, enabling them to provide essential credit to critical sectors of the economy.

The ultimate goal is to enhance the financial system’s contribution to Nigeria’s economic growth and development, with a vision of achieving a $1 trillion economy.

It reassured Nigerians of its unwavering commitment to ensuring the stability of the financial system, dispelling any concerns about the alleged license revocation.

The statement reiterated the CBN’s dedication to maintaining a safe and sound financial system, fostering economic growth and development in Nigeria.

 

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
Court Rules FCCPC Lacks Power to Fix Prices Without Presidential Directive | Daily Report Nigeria
Business

Court Rules FCCPC Lacks Power to Fix Prices Without Presidential Directive

The Federal High Court in Abuja has dismissed a suit filed by...

PETROAN Lauds NMDPRA Over Gas Distribution Licences
Business

Ban on Foreign Goods: PETROAN Warns of Fuel Price Hikes, Shortages

The Petroleum Products Retail Owners Association of Nigeria (PETROAN) has cautioned President...

Dangote refinery
Business

Dangote Reveals True Obstacles to His $20bn Refinery’s Success

Aliko Dangote clarifies that major oil marketers and traders, not the new...

Nigeria Reclaims First Position as Africa’s Top Crude Oil Producer
Business

Nigeria’s Economic Woes Deepen as Oil Prices Plummet to $60

Crude oil prices have fallen below $60 per barrel, raising concerns about...