The Central Bank of Nigeria (CBN) has firmly denied any intention to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank. Recent online rumors had suggested that the CBN planned to terminate these banks’ licenses following the revocation of Heritage Bank’s license. The apex bank has clarified through its social media platforms that these reports are false and not issued by the CBN.
The misinformation circulated after the CBN’s decision to revoke Heritage Bank’s license was reported by Anaedoonline. The revocation was due to Heritage Bank’s prolonged failure to improve its financial performance, posing a threat to the country’s financial stability. Despite efforts, the bank showed no signs of recovery, leading the CBN to take this necessary action.
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In accordance with Section 12 (3) of the Banks and Other Financial Act 2020, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator for Heritage Bank. The NDIC has already initiated the process of reimbursing depositors.
The CBN’s decisive actions regarding Heritage Bank and its subsequent clarification on the status of Unity Bank, Polaris Bank, and Keystone Bank underline its commitment to maintaining financial stability in Nigeria.
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