CBN Denies Claims Of Plans To Revoke Licenses Of Unity, Polaris, And Keystone Banks

The Central Bank of Nigeria (CBN) has firmly denied allegations that it plans to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank. This response follows rumours online suggesting that the CBN would withdraw the permits of these banks after recently revoking the license of Heritage Bank.

In a statement posted on its official social media channels on Tuesday, the CBN urged the public to disregard the false information.

The content is fake and not from the CBN, the bank declared.

Earlier this week, the CBN confirmed the revocation of Heritage Bank’s license due to its reportedly prolonged poor financial performance. The bank’s inability to improve its financial health was deemed a threat to the stability of the economic system.

The CBN explained its actions, stating, “The Central Bank of Nigeria, by its mandate to promote a sound financial system in Nigeria and the exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, at this moment revokes the licence of Heritage Bank Plc with immediate effect.”

According to the apex bank, the decision was made after Heritage Bank repeatedly failed to meet the required financial standards, breaching Section 12(1) of BOFIA, 2020.

• CBN and NDIC Face Criticism Over Heritage Bank Liquidation as Depositors Demand Full Refund

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