By Ken Afor
The Central Bank of Nigeria (CBN) has denied rumours circulating online that it plans to revoke the operating licenses of Unity Bank, Keystone Bank, and Polaris Bank.
This false information appears to have been spread in the wake of Heritage Bank’s license revocation.
In a statement released on its official X handle on Tuesday, June 4, CBN urged the public to disregard the report, confirming that it had no intention of taking such action against the three banks.
“The content is fake and not from the CBN,” the post reads.
It would be recalled that on Monday, June 3, apex bank announced the revocation of Heritage Bank’s operating license, citing the bank’s inability to meet the required financial standards.
In a statement released by the apex bank, the decision was made in line with the its responsibility to ensure a stable and sound financial system in Nigeria, as empowered by the Banks and Other Financial Institutions Act (BOFIA) 2020.
According to the statement, despite regulatory interventions and engagements, Heritage Bank failed to improve its financial performance, leading to the CBN’s decisive action.
Meanwhile, The Nigeria Deposit Insurance Corporation (NDIC) has been appointed to oversee the bank’s liquidation, and the CBN reassures the public of the overall resilience and stability of the Nigerian financial system.
The statement partly reads: “The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.
‘This action has become necessary due to the bank’s breach of Section 12(1) of BOFIA, 2020.
“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.”
