The Central Bank of Nigeria (CBN) has refuted claims that it plans to revoke the licenses of Unity Bank, Keystone Bank, and Polaris Bank.
Thank you for reading this post, don't forget to subscribe!An online report had alleged that the CBN would revoke the licenses of these three banks, following the recent revocation of Heritage Bank’s license. However, the CBN dismissed the report as false through a post on its official X account on Tuesday, urging the public to disregard the information.
“The content is fake and not from the CBN,” the post read.
Earlier, on Monday, the CBN did revoke the operating license of Heritage Bank, citing the bank’s failure to improve its financial performance. The official statement from the CBN explained, “The Central Bank of Nigeria, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020, hereby revokes the license of Heritage Bank Plc with immediate effect.”
The statement further noted, “This action has become necessary due to the bank’s breach of Section 12(1) of BOFIA, 2020. The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.”
