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

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

373

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.

About The Author

Related Articles

NIMC Nigerians
News

NIMC Instructs Nigerians to Pay for New National ID Cards As FG Lacks Funding

The National Identity Management Commission (NIMC) has announced that Nigerians will have...

FinanceNews

Burkina Faso Introduces New Mining Regulations to Boost Revenue and Limit Foreign Exploitation

Burkina Faso’s Council of Ministers has finalised the legal framework of the...

Niger Gold Dan Issa
News

Niger: Government Reopens Dan Issa Gold Mining Site 3 Years After Mine Collapse

The Nigerien government has officially approved the exploitation of a gold mine...

News

Thugs Reportedly Linked to MC Oluomo Disrupt Bus Conductors Association Event in Abuja

Thugs disrupted the inauguration of the Bus Conductors Association of Nigeria (BCAN)...