- This statement addressed concerns about the stability of some Nigerian banks following the revocation of Heritage Bank Plc’s license
The Central Bank of Nigeria has reassured the public of the safety of their deposits and the resilience of the banking system.
Mrs. Hakama Sidi-Ali, the Acting Director of the Corporate Communications Department, conveyed this assurance in a statement on Monday in Abuja.
This statement addressed concerns about the stability of some Nigerian banks following the revocation of Heritage Bank Plc’s license.
Sidi-Ali refuted claims that the CBN was considering revoking the operating licenses of Fidelity, Polaris, Wema, and Unity Banks.
She also clarified that a circular issued by the Bank on January 10, 2024, regarding the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being recirculated as if it were new.
The director emphasized that the situation with Heritage Bank was an isolated case.
“Allegations of further revocation of licences prior to the completion of CBN’s recapitalisation exercise are mere fabrications aimed at creating panic within the system,” she said.
She said that bank customers, particularly those of Heritage Bank, need not worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors.
Sidi-Ali urged members of the public to continue their regular banking activities without fear, dismissing any false reports regarding the health of specific Deposit Money Banks.
“The CBN, with its robust regulatory framework, is proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions,” she said.
Sidi-Ali reiterated the assurances of the CBN Governor, Olayemi Cardoso, that the recapitalisation of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks.
She urged all stakeholders to cooperate in ensuring the success of the process, which she said would be for the overall growth of the Nigerian economy.