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Plan To Revoke Licenses Of Fidelity, Wema, Polaris, Unity Banks: CBN Give Detailed Insight

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“CBN dismisses rumors of license revocation for Fidelity, Wema, Polaris, and Unity Banks, reassuring deposit safety and industry resilience.”

 

The Central Bank of Nigeria (CBN) has dispelled rumors suggesting the revocation of licenses for Fidelity, Wema, Polaris, and Unity Banks. Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, clarified this in a statement on Monday, countering speculations fueled by a circulating circular.

 

Earlier reports hinted at the dissolution of the boards of three banks alongside the revocation of Heritage Bank’s license. However, the CBN spokesperson labeled these claims as false, reassuring the banking public of deposit safety and the industry’s overall resilience.

“Despite the ongoing recapitalization process, the Nigerian banking industry remains resilient,” Ali emphasized, highlighting that key financial indicators align with regulatory standards. Customers are encouraged to conduct transactions as usual, with the CBN’s commitment to safeguarding the banking system intact.

 

The announcement comes after the CBN’s recent decision to withdraw Heritage Bank’s license on June 3 due to poor financial performance. To allay concerns, the Nigerian Deposit Insurance Corporation (NDIC) has assured Heritage Bank depositors of ongoing efforts to facilitate the repayment of their funds.

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