Wednesday, September 17, 2025
Home Business LICENSE REVOCATION : CBN COUNTERS CLAIM OF MORE LICENCE REVOCATION.

LICENSE REVOCATION : CBN COUNTERS CLAIM OF MORE LICENCE REVOCATION.

The Central Bank of Nigeria (CBN) has reassured members of the banking public of the safety of their deposits and the banking system’s resilience. this is coming on the heels of the  claims in certain quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s license revocation,
Contrary to some claims, the Bank’s Acting Director of the Corporate Communications Department, Hakama Sidi Ali, in a statement  faulted claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks.
She also clarified that a circular issued by the Bank on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, is currently being circulated as though it was issued on June 10, 2024.
In a chat with newsmen,  Sidi Ali emphasised that Heritage’s case was isolated, adding that allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications aimed at creating panic within the system.
She said 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.
The Apex 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, is 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 recapitalisation 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.
“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system,.
RELATED ARTICLES

INSURANCE LITERACY DRIVE: NAICOM, SDGs SYNERGY INITIATIVE MOVE TO PROMOTE INSURANCE LITERACY.

  The National Insurance Commission (NAICOM) and the Sustainable Development Goals (SDGs) Synergy Initiative are set to deepen collaboration aimed at strengthening youth participation in...

BANKING, FINTECH TOP CONSUMER COMPLAINTS IN NIGERIA – FCCPC REPORT. Commission recovers ₦10 billion for aggrieved customers

BANKING, FINTECH TOP CONSUMER COMPLAINTS IN NIGERIA - FCCPC REPORT. Commission recovers ₦10 billion for aggrieved customers   The Federal Competition and Consumer Protection Commission says...

NAICOM, FINTECH ASSOCIATION PARTNER TO DRIVE INSURANCE DIGITALIZATION

  In a move to accelerate the digital transformation of Nigeria’s insurance sector, the National Insurance Commission (NAICOM) has entered into collaboration with the FinTech...

Most Popular

INSURANCE LITERACY DRIVE: NAICOM, SDGs SYNERGY INITIATIVE MOVE TO PROMOTE INSURANCE LITERACY.

  The National Insurance Commission (NAICOM) and the Sustainable Development Goals (SDGs) Synergy Initiative are set to deepen collaboration aimed at strengthening youth participation in...

$134M AGRIC PROGRAMME NAIDA REJECTS ALLEGATIONS OF MISMANAGEMENT

  The Nigeria Agro Input Dealers Association, NAIDA, has dismissed reports alleging fraud in the African Development Bank–funded $134 million agricultural programme, NAGS-AP. In a statement,...

FG MOVES TO REVITALIZE SILOS CONCESSION PROGRAMME TO BOOST FOOD SECURITY

  The Federal Government says it is set to revitalize the Silos Concession Programme as part of efforts to curb post-harvest losses, strengthen food storage...

INDIAN BUSINESSMAN, THREE OTHERS ARRESTED OVER N3.9BN TRAMADOL AT LAGOS AIRPORT …AS NDLEA UNCOVERS SKUCHIES FACTORY, NABS COUPLE WITH 19KG DRUGS IN ANAMBRA,...

The National Drug Law Enforcement Agency (NDLEA) has arrested an Indian businessman, Gupta Ravi Kumar, and three Nigerian accomplices over the importation of 2,248,000 pills...

Recent Comments