The Central Bank of Nigeria (CBN) has confirmed that there are no plans to revoke the licenses of three banks, contrary to circulating rumors.
In a press statement by the Acting Director of Corporate Communications, Haka Sidi-Ali, the CBN clarified, “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 licenses 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.”
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The statement highlighted that the proactive measure by the CBN to require commercial banks to recapitalize will enhance their ability to withstand economic shocks and result in increased capital. This increase will enable banks to provide much-needed credit to critical sectors of the economy.
The CBN expressed that this initiative is expected to boost the financial system’s contribution to the growth and development of Nigeria’s economy, aiming for a $1 trillion market.
Finally, the CBN assured Nigerians of its unwavering commitment to maintaining the stability of the financial system.
