The Central Bank of Nigeria (CBN) has officially denied rumours about revoking the operating licences of Fidelity Bank, Polaris Bank, Wema Bank, and Unity Bank. These speculations had caused public anxiety regarding the stability of these banks, especially after Heritage Bank Plc’s licence was recently revoked.
In a statement issued on June 10, the acting director of the Corporate Communications Department at CBN, Mrs. Hakama Sidi Ali, reassured depositors about the robustness of the Nigerian banking sector, affirming that their funds are secure. She emphasized that key financial soundness indicators remain within regulatory thresholds.
The clarification came in response to the misinterpretation of a January 10, 2024 circular about the dissolution of the Boards of Union, Keystone, and Polaris Banks. This circular was mistakenly thought to be a new directive, suggesting imminent licence revocations. Mrs. Sidi Ali clarified that the circular pertained only to specific administrative changes and was not related to any new actions against other banks.