CBN announces position on revoking licenses of Wema, Polaris, Unity Banks

According to the Central Bank of Nigeria, Wema, Polaris, and Unity Banks’ licences are not going to be revoked.

This clarification was provided in a statement on Monday by Mrs. Hakama Sidi Ali, the acting director of the Corporate Communications Department.

Remember that a memo circulated on Monday indicating that the central bank had disbanded the boards of the three banks shortly after Heritage Bank’s licence was revoked?

The apex bank representative refuted the claim, though.

Members of the banking public were reassured by CBN about the security of their deposits and the robustness of the banking system.

“I like to reiterate that the Nigerian banking sector is still robust, without compromising the ongoing recapitalization process.

Read Also: BREAKING: Heritage Bank license revoked by CBN

Important financial soundness metrics are still falling inside the existing regulatory bounds.

Because the CBN is dedicated to maintaining the security of the banking system, customers are, therefore, encouraged to carry out their transactions as usual, she said.

The CBN declared on June 3 that Heritage Bank’s licence had been revoked due to subpar financial performance.

The Nigerian Deposit Insurance Corporation, or NDIC, reassured Heritage Bank depositors that it had already started the process of repaying their money in an effort to allay public anxiety.