Heritage Bank: CBN Denies Plan To Revoke Licenses Of Three Other Banks

The Central Bank of Nigeria (CBN) has denied a media report which claimed it is set to revoke the licenses of Unity Bank, Keystone Bank and Polaris Bank.

The apex bank, in a post via its official X account on Tuesday, urged members of the public to dismiss the report as fake news.

Sharing a screenshot of the publication, CBN wrote: “This content is fake and not from the Central Bank of Nigeria.”

The dismissal of the report comes on the heels of the decision by the CBN to revoke the operating license of Heritage Bank.

Naija News recalls the operating license of Heritage Bank, one of the commercial banks in Nigeria, has been revoked by the Central Bank of Nigeria (CBN).

This development was announced in a statement released on Monday, June 3, by Ag. Director, Corporate Communications, CBN, Hakama Sidi Ali.

According to her, the CBN, in line with its responsibility to uphold a stable financial system in Nigeria and utilizing its authority under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, has decided to immediately revoke Heritage Bank Plc’s license.

This action, she noted was deemed necessary due to the bank’s violation of Section 12 (1) of BOFIA, 2020.

Ali noted that the bank’s Board and Management’s inability to enhance its financial performance has posed a threat to financial stability.

Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC), has assured customers of banks in the country of the safety of their deposits and investments.

The NDIC assured the banking public that banks whose licenses have not been revoked remain safe and sound. It also urged depositors and other stakeholders to continue their banking businesses without fear.

The NDIC Director of Communication and Public Affairs, Bashir Nuhu, gave the assurance in a statement on Monday.