CBN Denies Plans to Revocate Licenses of Unity Bank, Polaris Bank, and Keystone Bank
The Central Bank of Nigeria (CBN) has denied reports that it plans to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank.
In a post on its social media handles, the CBN stated that the claims are “fake and not from the CBN.”
The rumors surfaced online following the revocation of Heritage Bank’s license, which was reportedly due to the bank’s inability to improve its financial performance.
The CBN had stated that Heritage Bank’s management had not been able to turn around the bank’s financial situation, which posed a threat to financial stability.
The CBN had also noted that Heritage Bank showed no prospects of recovery, making the revocation of its license necessary.
The Nigeria Deposit Insurance Corporation has been appointed as the liquidator of the bank, in line with Section 12 (3) of the Banks and Other Financial Institutions Act 2020, and has begun the process of repaying deposits to customers.
The CBN reiterated that it has no plans to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank, and that these claims are false and not authorized by the bank.
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