In response to concerns raised about the stability of certain Nigerian banks following the recent revocation of Heritage Bank Plc’s license, the Central Bank of Nigeria (CBN) has once again assured the banking public of the safety of their deposits and the resilience of the banking system.
Contrary to speculations, Hakama Sidi Ali, the bank’s acting director of the corporate communications department, dismissed claims on Monday that the CBN was contemplating revoking the operating licenses of Fidelity, Polaris, Wema, and Unity Banks. She clarified that a circular issued on January 10, 2024, announcing the dissolution of the Boards of Union, Keystone, and Polaris Banks, was misconstrued as if it were issued on June 10, 2024.
Addressing reporters, Sidi Ali stressed that the situation with Heritage Bank was an isolated case, and allegations of further license revocations before completing the bank recapitalization process were unfounded rumors aimed at causing panic within the system. She assured customers, especially those of Heritage Bank, that their deposits were secure, noting that the Nigeria Deposit Insurance Corporation (NDIC) had begun compensating the bank's insured depositors.
Sidi Ali encouraged the public to continue their usual banking activities without worry, dismissing any false reports about the financial health of specific deposit money banks. She affirmed that the CBN, through its robust regulatory framework, was proactively ensuring the stability of Nigeria’s financial system and safeguarding depositors’ funds in all Nigerian financial institutions.
Reiterating Governor Olayemi Cardoso's assurances, she emphasized that the recapitalization of banks in Nigeria aimed to strengthen the banking system and protect it against risks. Sidi Ali urged all stakeholders to collaborate in ensuring the success of the recapitalization process, which she emphasized would contribute to the overall growth of the Nigerian economy. She concluded by reaffirming the CBN's commitment to maintaining the safety of the banking system and encouraging customers to proceed with their transactions as usual.
