In response to concerns about the stability of certain Nigerian banks following the revocation of Heritage Bank Plc’s license, the Central Bank of Nigeria (CBN) has reaffirmed to the banking public the safety of their deposits and the resilience of the banking system.

“Despite the ongoing recapitalization process, I want to reaffirm that the Nigerian banking industry remains resilient. Key financial soundness indicators are within current regulatory thresholds.

Contrary to some reports, Hakama Sidi Ali, the Acting Director of the Corporate Communications Department of the CBN, refuted claims on Monday that the CBN was considering revoking the operating licenses of Fidelity, Polaris, Wema, and Unity Banks.

She also clarified that a circular issued by the CBN on January 10, 2024, about the dissolution of the Boards of Union, Keystone, and Polaris Banks is being incorrectly circulated as if it was issued on June 10, 2024.

In a conversation with newsmen, Sidi Ali emphasized that the case of Heritage Bank was isolated and that any allegations of further license revocations before the completion of the bank recapitalization exercise were fabrications intended to cause panic.

She assured customers, especially those of Heritage Bank, of the safety of their deposits, noting that the Nigeria Deposit Insurance Corporation (NDIC) had started paying insured depositors of the bank.

Sidi Ali urged the public to continue their regular banking activities without concern and dismissed any false reports about the health of specific Deposit Money Banks.

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

Reiterating Governor Olayemi Cardoso’s assurances, she stated that the recapitalization of banks in Nigeria aims to strengthen the banking system and protect the sector against risks.

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

Sidi Ali called on all stakeholders to support the recapitalization process, emphasizing that it would contribute to the overall growth of the Nigerian economy.

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Theresa Anyanwu

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