CBN Confirms Licenses of Wema, Polaris, Unity, and Fidelity Banks Remain Intact.
The Central Bank of Nigeria has refuted claims that it is planning to revoke the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank, and Unity Bank.
This announcement was made to address rumors that some banks in Nigeria are about to be shut down, which has caused customers to worry about their savings.
Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at CBN, explained that a circular issued by the CBN on January 10, 2024, about the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being circulated again as if it was issued on June 10, 2024.
She emphasized that the case of the defunct Heritage Bank was an isolated event and that claims of additional license revocations before the completion of the bank recapitalisation process were unfounded and created by those who do not wish the banking sector well.
She confirmed that the CBN, through its regulatory framework, is proactively ensuring the stability of Nigeria’s financial system, thereby safeguarding depositors’ funds in all Nigerian financial institutions.
She stated: “Despite the ongoing recapitalisation process, I want to reiterate that the Nigerian banking industry remains strong. Key financial soundness indicators are within the current regulatory thresholds.
“Customers are, therefore, encouraged to continue their transactions as usual, as the CBN is dedicated to ensuring the safety of the banking system.”