No Plan to Revoke Operating Licences of Unity, Polaris, Keystone Banks – CBN

Sharing is caring!

The Central Bank of Nigeria (CBN) has denied plans to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank.

Online reports had claimed that the apex bank would terminate the licenses of the three banks, following the revocation of Heritage Bank’s license.

However, the CBN has debunked this claim in a post on its social media handles, stating that it has no plans to do so.

“The content is fake and not from the CBN,” the post reads.

On Monday, June 3, 2024, the apex bank took the significant decision to revoke the banking license of Heritage Bank. This action was prompted by the bank’s persistent failure to enhance its financial performance.

The CBN stated that despite efforts from the board and management of Heritage Bank, there was no discernible improvement in the bank’s financial status. This lack of improvement posed a threat to financial stability, leading the apex bank to conclude that the institution had no reasonable prospects of recovery.

Consequently, the CBN deemed the revocation of Heritage Bank’s license as the necessary course of action. In accordance with Section 12(3) of the Banks and Other Financial Institutions Act (BOFIA) 2020, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of the bank.

The CBN clarified that this decision aligns with its ongoing commitment to safeguarding the safety and stability of Nigeria’s financial system. By taking decisive steps such as this, the apex bank aims to uphold the integrity and soundness of the country’s banking sector.



Leave a Reply

Your email address will not be published. Required fields are marked *