The Central Bank of Nigeria (CBN) has quashed rumors circulating online about the purported revocation of the licences of Unity, Polaris, and Keystone banks. Responding to these reports, the CBN took to its social media platforms on Tuesday, June 4, 2024 to clarify that the claims are false and not originating from the CBN.
The statement from the CBN aimed to dispel the misinformation, affirming that there are no plans to revoke the licences of these banks. The CBN reiterated, “The content is fake and not from the CBN.”
The clarification comes in the wake of speculations fueled by the recent revocation of Heritage Bank’s licence by the CBN on June 4. The decision to revoke Heritage Bank’s licence was attributed to the bank’s prolonged poor financial performance, which posed a threat to financial stability.
According to the CBN, despite efforts from the bank’s board and management, there was no significant improvement in its financial standing, necessitating the revocation of its licence. The CBN stated, “The board and management of the bank have not been able to improve the bank’s financial performance, a situation that constitutes a threat to financial stability.”
In line with regulatory protocols, the Nigeria Deposit Insurance Corporation (NDIC) was appointed as the liquidator of Heritage Bank following the licence revocation. This action underscores the CBN’s commitment to upholding the safety and soundness of Nigeria’s financial system, ensuring the stability of the banking sector.
