The Central Bank of Nigeria (CBN) has once again affirmed the safety of deposits and the resilience of the banking system, seeking to allay concerns raised following the recent license revocation of Heritage Bank Plc.
Mrs. Hakama Sidi-Ali, the Acting Director of the CBN’s Corporate Communications Department, issued a statement in Abuja addressing the apprehensions regarding the stability of certain Nigerian banks. She clarified that the CBN had no plans to revoke the operating licenses of Fidelity, Polaris, Wema, and Unity Banks, contrary to rumours circulating in some quarters.
Sidi-Ali emphasized that the circular issued on January 10, 2024, announcing the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being misrepresented as a recent directive. She reiterated that Heritage Bank’s case was an isolated incident and dismissed claims of further license revocations before the completion of the CBN’s recapitalization exercise as unfounded fabrications aimed at instigating panic.
Assuring bank customers, especially those of Heritage Bank, Sidi-Ali stated that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors. She urged the public to continue their banking activities without fear, reaffirming the CBN’s commitment to safeguarding depositors’ funds across all Nigerian financial institutions.
Sidi-Ali reiterated Governor Olayemi Cardoso’s assurances regarding the recapitalization exercise, emphasizing its purpose of strengthening the banking system and mitigating risks. She called for stakeholders’ cooperation in ensuring the success of the process, underscoring its significance for the overall growth of the Nigerian economy.
Despite ongoing recapitalization efforts, Sidi-Ali stressed that the Nigerian banking industry remained resilient, with key financial indicators within regulatory thresholds. Customers were encouraged to conduct transactions as usual, with the CBN dedicated to ensuring the banking system’s safety.
The statement reflects the CBN’s proactive approach to maintaining stability and confidence in Nigeria’s financial sector, underscoring its commitment to protecting depositors’ interests and fostering economic growth.
