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

FG Pays N912.32bn Interest on CBN Loans

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.

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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.

 

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Written by Tapre Timine

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