No Plans To Withdraw Licenses Of Unity , Polaris , Keystone Bank.. CBN


The Central Bank of Nigeria (CBN) says there are no plans to withdraw the licenses of three banks.

A press statement by the banks Acting Director of Corporate Communications, Haka Sidi-Ali, said, “The attention of the Central Bank of Nigeria (CBN) has been drawn to some information circulating in the public domain, suggesting that the CBN is set to revoke the licenses of three additional banks following its regulatory action against Heritage Bank Plc on Monday, June 3, 2024.

“The CBN unequivocally states that these allegations are false and intended to trigger panic in the financial system.

“The Nigerian financial system remains safe, sound, and resilient. Our banks have begun submitting implementation plans for the Banking Sector Recapitalisation Programme in compliance with the CBN Circular reviewing the minimum capital requirements for Commercial, Merchant, and Non-Interest Banks (CMNIBs). These plans are currently being reviewed by the Bank.”

The statement added that in addition to enhancing buffers to withstand economic shocks, the proactive measure by the CBN to require commercial banks to recapitalise will result in increased capital for Nigeria’s banks, enabling them to provide much-needed credit to critical sectors of the economy.

The expected outcome, according to the apex bank, will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy.

The CBN also assured Nigerians of its unwavering commitment to ensuring the financial system’s stability.

There have been rumours that the CBN plans to withdraw the licenses of Polaris , Unity and Keystone banks 


Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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