CBN Speaks On Plan To Revoke Wema, Polaris, Fidelity Licenses

The Central Bank of Nigeria has debunked plans to revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank, and Unity Bank.

This was contained in a statement by the Acting Director of Corporate Communications of CBN, Mrs. Hakama Sidi Ali.

She 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.

READ: Heritage Bank: NDIC Begins Liquidation Process After CBN’s Licence Revocation

Sidi Ali reassured members of the banking public of the safety of their deposits stressing that the banking system is resilient.

She emphasised that the defunct Heritage Bank was an isolated case, adding that allegations of further revocation of licences before the completion of the bank recapitalisation 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.

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.”