THE Central Bank of Nigeria (CBN) has again reassured the banking public of the safety of their deposits and the banking system’s resilience.
CBN’s acting Director of Corporate Communications Department, Mrs. Hakama Sidi-Ali, gave the assurance in a statement on Monday, June 10, in Abuja, in response to concern in some quarters about the stability of some Nigerian banks in the wake of the revocation of the licence of Heritage Bank Plc.
She faulted claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema and Unity Banks, clarifying that a circular issued by the CBN on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone and Polaris Banks was currently being circulated as though it was freshly issued.
According to the director, Heritage Bank’s case was isolated
“Allegations of further revocation of licences prior to the completion of CBN’s recapitalisation exercise are mere fabrications aimed at creating panic within the system,” she stated.
Sidi-Ali urged bank customers, particularly those of Heritage Bank PLC, not to worry about the safety of their deposits, as the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors.
She called on the public to continue their regular banking activities without fear, dismissing any false reports regarding the health of specific Deposit Money Banks, noting: “The CBN, with its robust regulatory framework, is proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.”
Sidi-Ali reiterated the assurances of the CBN Governor, Mr. Olayemi Cardoso, that the recapitalisation of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks.
She urged all stakeholders to cooperate in ensuring the success of the process, which she said would be for the overall growth of the Nigerian economy, adding: “Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.
“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.”
