The Central Bank of Nigeria (CBN) has denied reports that it is set to revoke the licenses of Unity Bank, Keystone Bank, and Polaris Bank, following the revocation of Heritage Bank’s license.
An online report had claimed that the Central Bank of Nigeria (CBN) would revoke the licenses of three banks, but the apex bank, in a post via its official X account, urged members of the public to dismiss the report.
Recall the CBN revoked the operating license of Heritage Bank, due to the bank’s failure to improve its financial performance.
According to the apex bank, the action became necessary due to the bank’s breach of Section 12(1) of BOFIA, 2020, a situation which constitutes a threat to financial stability.
Meanwhile, the Director of Communication & Public Affairs, Nigeria Deposit Insurance Corporation (NDIC), Bashir Nuhu, says it has commenced the liquidation of Heritage Bank, assuring it will pay depositors of the failed bank N5 million insured deposits.
The NDIC however assured the entire banking public of its commitment to the continued safety of depositors’ funds in all licensed banks.
