JUST IN: FIDELITY, POLARIS, WEMA, AND UNITY BANKS’ LICENSES ARE NOT REVOKED BY THE CBN.

Rumors that the Central Bank of Nigeria (CBN) intends to withdraw the licenses of Fidelity Bank, Polaris Bank, Wema Bank, and Unity Bank have been formally refuted.
The public became concerned about the soundness of these financial institutions as a result of these rumors, particularly in light of Heritage Bank Plc’s recent license revocation.

The interim director of the CBN’s Corporate Communications Department, Mrs. Hakama Sidi Ali, assured depositors that their money is safe and reaffirmed the strength of the Nigerian banking industry in a statement released on Monday, June 10.

“The Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds,” she explained.

Widespread misunderstanding of a January 10, 2024 circular outlining the dissolution of the Boards of Union, Keystone, and Polaris Banks served as the impetus for the clarification.

There were misconceptions that the circular, which suggested upcoming measures against additional institutions, was a new order that was published on June 10, 2024.

Mrs. Sidi Ali stressed that the January circular should not be interpreted as a sign of future license revocations, as it was only intended to address particular administrative changes.

She stated, “This circular is now being misrepresented as a new directive issued on June 10, 2024. It is essential to correct this misinformation; the circular in question is an old notification and not a recent development.”