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Tuesday, June 4, 2024

Heritage Bank-CBN Denies plan to revoke the licenses of three more banks




"The Central Bank of Nigeria (CBN) has refuted reports that it intends to revoke the licenses of Unity Bank, Keystone Bank, and Polaris Bank. The CBN took to its official X account to dismiss the report as "fake news". This denial comes on the heels of the CBN's decision to revoke Heritage Bank's operating license, citing the bank's non-compliance with Section 12 (1) of BOFIA, 2020, and its failure to improve its financial performance. Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC) has reassured customers that banks whose licenses have not been revoked remain safe and sound, urging depositors and stakeholders to continue their banking activities without fear."

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