CBN Speaks On Plans To Revoke Wema, Polaris, Unity, Fidelity Bank Licences

The Central Bank of Nigeria has denied planning revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank and Unity Bank.

The statement comes amid rumours that some banks are set to be shut down in Nigeria, leaving customers scared of losing their savings..

 

Acting Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali stated this, noting 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 emphasised that the defunct Heritage Bank was an isolated case, adding that allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications of those who didn’t wish the banking sector well.

She confirmed that the CBN, with its  regulatory framework, was proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.

 

She said: “Without prejudice to the ongoing recapitalisation 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.”