CBN makes final decision revoking licenses of Wema, Polaris, Unity Banks

The Central Bank of Nigeria (CBN) has refuted claims suggesting the revocation of licenses for Fidelity, Wema, Polaris, and Unity Banks. Mrs. Hakama Sidi Ali, the acting Director of the Corporate Communications Department, issued this clarification in a statement on Monday.

Earlier, a circular circulated on Monday implied that the apex bank had dissolved the boards of three banks shortly after revoking Heritage Bank’s license. However, the CBN spokesperson dismissed these claims as false.

CBN reiterated its commitment to ensuring the safety of deposits and the resilience of the banking system. Mrs. Ali emphasized the stability of the Nigerian banking industry, affirming that key financial indicators remain within regulatory thresholds.

“Without prejudice to the ongoing recapitalization process, I want to restate that the Nigerian banking industry remains resilient,” Mrs. Ali stated. “Customers are, therefore, encouraged to proceed with their transactions as usual.”

In response to concerns raised after the withdrawal of Heritage Bank’s license on June 3, the Nigerian Deposit Insurance Corporation (NDIC) assured depositors of Heritage Bank that it had initiated the process of reimbursing their funds.