The Central Bank of Nigeria (CBN) debunked rumors circulating about the potential revocation of operating licenses for Fidelity Bank, Wema Bank, Polaris Bank, and Unity Bank. Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN, emphasized that these claims were false and aimed at instigating panic within the banking system.
Addressing concerns surrounding a circular issued on January 10, 2024, regarding the dissolution of the Boards of Union, Keystone, and Polaris Banks, Sidi Ali clarified that the document was being misrepresented as a recent development. She attributed this misrepresentation to unscrupulous individuals seeking to disrupt the stability of the banking sector.
Assuring the safety of depositors’ funds, Sidi Ali reiterated the resilience of the banking system, citing the handling of the defunct Heritage Bank as an isolated incident. She assured customers, including those of Heritage Bank, that their deposits were secure, with the Nigeria Deposit Insurance Corporation (NDIC) facilitating the payment of insured deposits.
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Encouraging the public to maintain regular banking activities without concern, Sidi Ali emphasized the CBN’s commitment to the stability of Nigeria’s financial system. She reaffirmed Governor Olayemi Cardoso’s stance on the recapitalization of banks, highlighting its role in fortifying the sector against potential risks and contributing to the nation’s economic growth.
With a proactive regulatory framework in place, the CBN aims to uphold the safety of depositors’ funds across all Nigerian financial institutions. Sidi Ali urged stakeholders to collaborate in ensuring the success of the recapitalization process for the collective benefit of the Nigerian economy.
“In light of the ongoing recapitalization efforts, the Nigerian banking industry remains robust, with key financial indicators well within regulatory thresholds. Customers are encouraged to conduct their transactions as usual, with the assurance that the CBN is dedicated to safeguarding the banking system,” she concluded.
