No plan to revoke operating licenses of Fidelity, Polaris, Wema, Unity Banks – CBN


The Central Bank of Nigeria (CBN) has rubbished claims in some quarters hat it is considering revoking the operating licenses of Fidelity, Polaris, Wema and Unity Banks.


The apex bank said such claims were pure lies, assuring the banking public of the safety of their deposits and the banking system’s resilience.

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The apex bank’s Acting Director of Corporate Communications Department, Mrs Hakama Sidi-Ali, gave the assurance in a statement on Monday in Abuja.


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Sidi-Ali’s statement was a response to concern in some quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s license revocation.



She urged members of the public to continue their regular banking activities without fear, dismissing any false reports regarding the health of specific Deposit Money Banks.


She also clarified that a circular issued by the Bank on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, was currently being circulated as though it was freshly issued.


According to the director, Heritage Bank’s case was isolated.

“Allegations of further revocation of licences prior to the completion of CBN’s recapitalisation exercise are mere fabrications aimed at creating panic within the system,” she said.


She said that bank customers, particularly those of Heritage Bank, needed not worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors.


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