The Central Bank of Nigeria (CBN) has reaffirmed to the banking public that their deposits remained safe amid a resilient industry. CBN acting director, of the corporate communications department, Mrs. Hakama Sidi Ali, gave the assurance for the umpteenth time in a statement amid unfounded concerns about the stability of some Nigerian banks, especially in the wake of Heritage Bank Plc’s license revocation recently by the apex bank.
She blamed claims that the CBN was considering revoking the operating licenses of Fidelity, Polaris, Wema, and Unity Banks. Sidi Alli also clarified that a circular issued by the bank on January 10, 2024, notifying the public about the dissolution of the boards of Union, Keystone, and Polaris Banks – was circulated as though it was issued on June 10, 2024.
The CBN acting director insisted that the defunct Heritage’s case was isolated, adding that allegations of further revocation of licenses before the completion of the ongoing banking industry recapitalization exercise were mere fabrications aimed at creating panic within the system.
She said customers, particularly those of Heritage Bank, needed not to worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors. She, therefore urged the public to continue their regular banking activities without concern, dismissing any false reports regarding the health of specific Deposit Money Banks (DMBs) in the country.
