CBN Clarifies Position on Revoking Licenses of Fidelity, Wema, Polaris, and Unity Banks

CBN Clarifies Position on Revoking Licenses of Fidelity, Wema, Polaris, and Unity

The Central Bank of Nigeria (CBN) has confirmed that it has no plans to revoke the licenses of Fidelity, Wema, Polaris, and Unity Banks.

Mrs. Hakama Sidi Ali, the acting Director of the Corporate Communications Department, clarified this in a statement on Monda

This follows a circulating rumor suggesting that the CBN had dissolved the boards of these banks shortly after revoking the license of Heritage Ban

The CBN spokesperson labeled the claim as false, reassuring the public of the safety of their deposits and the resilience of the banking syste

“Despite the ongoing recapitalization process, the Nigerian banking industry remains resilient, with key financial soundness indicators within regulatory thresholds. Customers should continue their transactions as usual, as the CBN is committed to ensuring the safety of the banking system,” she state

Earlier, on June 3, the CBN announced the withdrawal of Heritage Bank’s license due to poor financial performance. To address public concern, the Nigerian Deposit Insurance Corporation (NDIC) assured Heritage Bank depositors that it had already started the process of repaying their money.d.m.k.y.