The Central Bank of Nigeria (CBN) has reassured the public about the safety of their deposits and the strength of the system. Hakama Sidi-Ali, the Acting Director of the Corporate Communications Department for the apex bank, conveyed this message in a statement issued in Abuja on Monday.
The statement was issued in response to concerns in some quarters regarding the stability of certain Nigerian banks following the revocation of Heritage Bank Plc’s license. Sidi-Ali dismissed claims 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 bank on January 10, 2024, announcing the dissolution of the Boards of Union, Keystone, and Polaris, was being circulated as if it were newly issued. According to the director, Heritage Bank’s situation was an isolated incident.
“Allegations of further revocation of licences prior to the completion of CBN’s recapitalisation exercise are mere fabrications aimed at creating panic within the system,” she said.
She assured Heritage Bank customers of the safety of their deposits, stating that the Nigeria Deposit Insurance Corporation (NDIC) had begun paying the bank’s insured depositors. She advised the public to continue their regular banking activities without fear.
“The CBN, with its robust regulatory framework, is proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions,” she said.
“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,” she said.