Following recent concerns about the stability of Nigerian banks following Heritage Bank Plc’s license revocation, the Central Bank of Nigeria (CBN) has moved to reassure the public of the safety of their deposits and the resilience of the banking system.
Addressing the issue, the Bank’s Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, dismissed claims that the CBN was considering revoking the operating licenses of Fidelity, Polaris, Wema, and Unity Banks.
She also clarified that a circular issued on January 10, 2024, regarding the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being misrepresented as a recent development.
Mrs. Sidi Ali emphasized that Heritage Bank’s situation was unique and that claims of further license revocations prior to completing the bank recapitalization exercise were unfounded.
She assured customers, especially those of Heritage Bank, that their deposits were safe, with the Nigeria Deposit Insurance Corporation (NDIC) already beginning payments to insured depositors.
Urging the public to continue their banking activities as usual, Mrs. Sidi Ali urged against giving credence to false reports about the health of specific Deposit Money Banks.
She highlighted the CBN’s proactive measures in ensuring the stability of Nigeria’s financial system, which includes safeguarding depositors’ funds across all Nigerian financial institutions.
Reiterating the Governor’s assurances regarding the recapitalization of banks to strengthen the sector against risks, Mrs. Sidi Ali called for stakeholder cooperation in ensuring the success of the process, which she believes will contribute to the overall growth of the Nigerian economy.
She concluded by reaffirming the resilience of the Nigerian banking industry, with key financial indicators remaining within regulatory thresholds. Customers were encouraged to proceed with their transactions as usual, with the CBN’s commitment to ensuring the safety of the banking system.
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