Following concerns raised regarding the stability of Nigerian banks in light of the recent revocation of Heritage Bank Plc’s license, the Central Bank of Nigeria (CBN) has moved to reassure the banking public of the safety of their deposits and the resilience of the banking system.
Hakama Sidi Ali, the Acting Director of the CBN’s Corporate Communications Department, addressed the issue on Monday, refuting claims that the CBN was considering revoking the operating licenses of Fidelity, Polaris, Wema, and Unity Banks.
She also clarified misinformation surrounding a circular issued on January 10, 2024, pertaining to the dissolution of the Boards of Union, Keystone, and Polaris Banks, which has resurfaced as though issued on June 10, 2024.
Sidi Ali emphasized that the Heritage Bank case was an isolated incident and dismissed allegations of further license revocations before the completion of the bank recapitalization exercise as fabrications aimed at causing panic within the banking system.
She assured customers, particularly those of Heritage Bank, that their deposits are safe, with the Nigeria Deposit Insurance Corporation (NDIC) initiating payments to insured depositors of the bank.
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Encouraging the public to continue their banking activities as usual, Sidi Ali underscored the CBN’s commitment to maintaining the stability of Nigeria’s financial system through robust regulatory measures, ensuring the safety of depositors’ funds across all Nigerian financial institutions.
Reiterating Governor Olayemi Cardoso’s assurances regarding the recapitalization process, Sidi Ali urged stakeholders to collaborate in ensuring its success, emphasizing its significance for the overall growth of the Nigerian economy.
She concluded by affirming that despite the ongoing recapitalization process, the Nigerian banking industry remains resilient, with key financial indicators staying within regulatory thresholds, and customers are encouraged to proceed with their transactions as usual.
