CBN: We’ve no plans to revoke Unity, Polaris, Keystone banks’ licences

The Central Bank of Nigeria (CBN) says it has no plans to revoke the licences of Unity Bank, Polaris Bank, and Keystone Bank.

There were reports that the CBN would revoke the licences of the three banks, following the revocation of Heritage Bank’s licence by the apex bank on Monday, June 3, 2024.

The CBN Acting Director of Corporate Communications, Hakama Sidi-Ali, in a statement on Tuesday, June 4, 2024, described the reports as false.

Sidi-Ali noted: “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.

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“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.”

She added that in addition to enhancing buffers to withstand economic shocks, the proactive measure by the CBN to require CMNIBs to recapitalise will result in increased capital for Nigeria’s banks, enabling them to provide much-needed credit to critical sectors of the economy.

The CBN spokesperson said this will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy.

“The CBN would like to reassure all stakeholders of its unwavering commitment to ensuring the financial system’s stability. Our financial system remains on a solid footing, and the CBN will continue to take all necessary steps to maintain its safety and soundness,” Sidi-Ali added.

The Star