CBN Clarifies Stance on Bank License Revocations: Fidelity, Wema, Polaris, and Unity Banks Safe

In a statement released on Monday, the Central Bank of Nigeria (CBN) clarified rumors suggesting plans to revoke the licenses of Fidelity, Wema, Polaris, and Unity Banks.

The Acting Director of the Corporate Communications Department, Mrs. Hakama Sidi Ali, addressed the circulating speculations, emphasizing that there is no such plan in motion.

Earlier on Monday, a circular caused a stir indicating the purported dissolution of the boards of the aforementioned banks, following the recent revocation of Heritage Bank’s license. However, Mrs. Ali refuted these claims, labeling them as false.

She reassured the banking public about the safety of their deposits and the resilience of the banking system, affirming, “Without prejudice to the ongoing recapitalization process, I want to restate that the Nigerian banking industry remains resilient.”

Furthermore, she highlighted that key financial soundness indicators are within regulatory thresholds, urging customers to continue their transactions with confidence.

The CBN’s clarification comes shortly after the withdrawal of Heritage Bank’s license on June 3, citing poor financial performance.

In response to concerns, the Nigerian Deposit Insurance Corporation (NDIC) moved swiftly to assure Heritage Bank depositors of the repayment process already underway, aiming to quell any potential panic among customers.