The Central Bank of Nigeria (CBN) has refuted reports that it would revoke the operational licences of three banks.
An online media had claimed that the apex bank would withdraw the licences of Unity Bank, Keystone Bank and Polaris Bank following the revocation of the operational licence of Heritage Bank on Monday.
Responding to what it described as false news, the apex bank, in a statement signed on Tuesday by its Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, maintained that the Nigerian financial system remains safe, sound, and resilient.
It added that the false report was intended to trigger panic in the financial system.
The statement read: “The attention of the Central Bank of Nigeria (CBN) has been drawn to some information circulating in the public domain, suggesting that the CBN is set to revoke the licences of three additional banks following its regulatory action against Heritage Bank Plc on Monday, June 3, 2024.
“The CBN unequivocally states that these allegations are false and intended to trigger panic in the financial system.
“The Nigerian financial system remains safe, sound, and resilient. Our banks have begun 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 recapitalise will result in increased capital for Nigeria’s banks, enabling them to provide much-needed credit to critical sectors of the economy. This will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy.
“The CBN would like to reassure all stakeholders of its unwavering commitment to ensuring the financial system’s stability. Our financial system remains on a solid footing, and the CBN will continue to take all necessary steps to maintain its safety and soundness.”
Felix Ijeh-The Will
