CBN Reassures Public On Safety Of Customers’ Deposits In Banks

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…Debunks Reports On New Licence Revocation

Following claims in certain quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s license revocation, the Central Bank of Nigeria (CBN) has again reassured members of the banking public of the safety of their deposits and the banking system’s resilience.

The apex bank’s Acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali, on Monday maintained that contrary to some claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Bank, no plans were being made to revoke the licences of the affected 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 now being circulated as though it was issued on June 10, 2024.

In a chat with journalists, Sidi Ali stressed that Heritage’s case was isolated, adding that allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications aimed at creating panic within the system.

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

The Acting Director, therefore, urged the public to continue their regular banking activities without concern, dismissing any false reports regarding the health of specific Deposit Money Banks.

She confirmed that the apex bank, with its sound regulatory framework, was proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.

While reiterating the assurances of the apex bank governor, Mr. Olayemi Cardoso, that the recapitalisation of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks, Sidi Ali urged all stakeholders to cooperate in ensuring the success of the process, which is initiated for the sustainable growth of the Nigerian economy.

She clarified: “Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system”, the Acting Director assured.


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