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Sunday, June 23, 2024
Home Business NO PLANS TO REVOKE ANY LICENCE -CBN

NO PLANS TO REVOKE ANY LICENCE -CBN

In  response to  allegations of license withdrawals,  circulating in the public domain, suggesting that the CBN is set to revoke the licenses of three
additional banks following its regulatory action against Heritage Bank Plc on Monday, June  3, 2024.
In statement signed by the Acting Director Corporate communication department of CBN Hakama Sidi Ali stated that,
 these allegations are false and intended to trigger panic in the financial system.
The  Apex bank retraited that, the Nigerian financial system remains safe, sound, and resilient.
Saying the banks have started
submitting implementation plans for the Banking Sector Recapitalisation Programme in compliance with the CBN Circular reviewing the minimum capital requirements for
Commercial, Merchant, and Non-Interest Banks (CMNIBs).
” These plans are currently being
reviewed by the Bank.
In addition to enhancing buffers to withstand economic shocks, this proactive measure by
the CBN to require CMNIBs to recapitalize will result in increased capital for Nigeria’s banks,
enabling them to provide much-needed credit to critical sectors of the economy.
Adding that,  This will increase the financial system’s contribution to the growth and development of a $1 trillion
Nigerian economy.
The CBN further reassure all stakeholders of its unwavering commitment to ensuring
the financial system’s stability.
 Adding that the financial system remains on a solid footing, and the CBN
will continue to take all necessary steps to maintain its safety and soundness.
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