No plans to revoke licences of Unity, Polaris, Keystone Banks – CBN

Story from Aliyu ASKIRA

The Central Bank of Nigeria (CBN) said it has no plan to revoke the licences of Unity, Polaris, and Keystone Banks.

Earlier, some online reports claimed the apex bank would terminate the licences of the three banks, following the revocation of Heritage Bank’s licence.

However, in a post on its social media pages on Tuesday, the bank said the content was not authentic.

“The content is fake and not from the CBN,” the post reads.

On June 4, the Central Bank of Nigeria (CBN) revoked the banking licence of Heritage Bank.

According to the CBN, the decision was made due to the bank’s inability to improve its financial performance.

“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,” the bank said.

READ ALSO: CBN revokes operating license of Heritage Bank

However, the apex bank said Heritage Bank had not improved and “has no reasonable prospects of recovery”, thereby making revoking the licence the next necessary step.

The bank said the Nigeria Deposit Insurance Corporation (NDIC) is as a result of this appointment as the liquidator of the bank per Section 12 (3) of the Banks and Other Financial Act (BOFIA) 2020.

The revocation, according to the apex bank, reflects its continued dedication to take all necessary steps to ensure the safety and soundness of Nigeria’s financial system.

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