No Threat To Fidelity, Polaris, WEMA, Unity Banks Over Licenses, Declares CBN.

No Threat To Fidelity, Polaris, WEMA, Unity Banks Over Licenses, Declares CBN.
No Threat To Fidelity, Polaris, WEMA, Unity Banks Over Licenses, Declares CBN.

In a vital clarification that brings relief to many, the Central Bank of Nigeria (CBN) has firmly debunked recent rumors suggesting the potential closure of several notable banks, including Fidelity, Polaris, Wema, and Unity Banks. This announcement came directly from Hakama Sidi-Ali, the Acting Director of the Corporate Communications Department at the CBN, through a statement released in Abuja.

This response from the CBN addresses circulating concerns about the stability of these banks following the earlier revocation of Heritage Bank Plc’s license. Sidi-Ali emphasized that the circulating narrative and speculations regarding the revocation of licenses of these banks are unfounded. Additionally, she pointed out a misunderstanding regarding an older circular concerning Union, Keystone, and Polaris, which had been mistakenly presented as recent news. She clarified that the Heritage Bank incident was a stand-alone case and not indicative of a broader systemic issue.

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The statement reassured the public, specifically Heritage Bank’s clients, about the security of their deposits, noting that the Nigeria Deposit Insurance Corporation (NDIC) has initiated the process of reimbursing insured depositors. The CBN encouraged the continuation of regular banking transactions, highlighting the robustness of Nigeria’s regulatory framework designed to maintain the financial system’s stability and safeguard deposits across all institutions.

In reassurance, Sidi-Ali added, “The Nigerian banking sector remains resilient, with key financial soundness indicators well within regulatory requirements.” This statement serves as a confirmation of the health and stability of Nigeria’s banking sector, amidst ongoing recapitalization efforts, and reiterates the CBN’s dedication to the safety and security of the financial system.

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