Nigeria: CBN Denies Alleged Plans to Revoke Licences of Unity, Polaris, Keystone Banks

4 June 2024
Vanguard (Lagos)

The Central Bank of Nigeria (CBN) has denied reports that it is set to revoke the licenses of Unity Bank, Keystone Bank, and Polaris Bank.

An online report claimed that the Central Bank of Nigeria (CBN) would revoke the licenses of three banks, allegedly following the revocation of Heritage Bank's license.

The apex bank, in a post via its official X account on Tuesday, urged members of the public to dismiss the report.

This content is fake and not from the Central Bank of Nigeria. pic.twitter.com/hazyYnMFXx-- Central Bank of Nigeria (@cenbank) June 4, 2024

"The content is fake and not from the CBN," the post reads.

Vanguard reported that on Monday, the CBN revoked the operating licence of Heritage Bank.

According to the CBN, the decision was made due to the bank's failure to improve its financial performance.

The statement partly reads: "The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.

'This action has become necessary due to the bank's breach of Section 12(1) of BOFIA, 2020.

"The Board and Management of the bank have not been able to improve the bank's financial performance, a situation which constitutes a threat to financial stability."

Read the original article on Vanguard.

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