The Central Bank of Nigeria (CBN) says the banking system and depositors’ funds are safe.
Sidi Ali Hakama, the bank’s acting director of corporate
communications, said this on Monday during a chat with journalists in Abuja.
This comes amid concerns about the stability of some banks
following the licence revocation of Heritage Bank Plc.
Hakama dismissed claims that the CBN was planning to revoke
the operating licences of Fidelity Bank, Polaris Bank, Wema Bank, and Unity
Bank.
The director assured customers, especially those of Heritage
Bank, that their deposits were safe, adding that the Nigeria Deposit Insurance
Corporation (NDIC) had commenced payment to the bank’s insured depositors.
Ali said the CBN’s strong regulatory framework is actively
maintaining the stability of Nigeria’s financial system, ensuring the safety of
depositors’ funds across all Nigerian financial institutions.
“Key financial soundness indicators remain within current
regulatory thresholds,” Hakama said.
“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 director said a circular issued by the bank on January
10, informing the public about the dissolution of the boards of Union,
Keystone, and Polaris Banks, is being circulated as if it were issued on June
10.
She said Heritage Bank’s situation was isolated and that
claims of additional licence revocations before completing the bank
recapitalisation process were fabrications intended to incite panic.
The director reaffirmed the assurances made by Olayemi
Cardoso, the CBN’s governor, regarding the purpose of the recapitalisation of
Nigerian banks, which is to strengthen the banking system and protect the
sector from risks.
Hakama urged all stakeholders to collaborate to ensure the
success of the process, adding that it is for the overall growth of the
economy.
“Without prejudice to the ongoing recapitalisation process,
I want to restate that the Nigerian banking industry remains resilient,” she
said.
Hakama urged the public to continue their regular banking
activities without concern, disregarding any false reports concerning the
stability of specific deposit money banks.
On June 3, CBN announced the revocation of Heritage Bank’s
licence with immediate effect.
The regulator said the decision followed the bank’s
inability to improve its financial performance.
Following the revocation, online reports claimed the apex
bank would terminate the licences of Unity, Polaris, and Keystone banks.
However, on June 4, the bank said the content was not
authentic, adding that it has no plans to revoke the licences of the three
banks.
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