By Pathfinder Reporter
Tuesday June 11, 2024
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The Central Bank of Nigeria (CBN) has allayed the fears of workers and customers of Wema, Polaris, Fidelity, and Unity banks as the apex bank said it has no plans to revoke their operating licenses.
Acting Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali stated this on Monday in a statement to dismiss rumors making around that the CBN planned to revoke the operating licenses of the four banks.
She also noted that a circular issued by CBN on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being re-circulated as though it was issued on June 10, 2024.
She blamed unscrupulous people for the development aimed at creating panic in the system.
Sidi Ali reassured members of the banking public of the safety of their deposits stressing that the banking system is resilient.
She emphasized that the defunct Heritage Bank was an isolated case, adding that allegations of further revocation of licenses before the completion of the bank recapitalization exercise were mere fabrications of those who didn’t wish the banking sector well.
She added that even customers of Heritage Bank needn’t worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment of the bank’s insured deposits.
Mrs. Sidi Ali, therefore, urged the public to continue their regular banking activities without concern, dismissing any false reports regarding the health of specific Deposit Money Banks.
She confirmed that the CBN, with its robust regulatory framework, was proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.
While reiterating the assurances of the Governor (Olayemi Cardoso) that the recapitalization of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks, Sidi Ali urged all stakeholders to cooperate in ensuring the success of the process, which she noted would be for the overall growth of the Nigerian economy.
She said: “Without prejudice to the ongoing recapitalization process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.
“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.”
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