The Central Bank of Nigeria (CBN) has reassured the banking public of the safety of their deposits and the banking system’s resilience.
The apex bank’s Acting Director of Corporate Communications Department, Hakama Sidi-Ali, gave the assurance in a statement issued in Abuja.
The statement was a response to concern in some quarters about the stability of some Nigerian banks in the wake of Heritage Bank Plc’s license revocation.
Sidi-Ali faulted claims that the CBN was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks.
She also clarified that a circular issued by the bank on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris was currently being circulated as though it was freshly issued. According to the director, Heritage Bank’s case was isolated.
DAILY GIST recalls that the Central Bank of Nigeria, CBN had dissolved the entire board of 3 commercial banks in the country.
The apex bank said: “This action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020.
The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses were granted, and involvement in activities that pose a threat to financial stability, among others.
The CBN assures the public of the safety and security of depositors’ funds and remains resolute in fulfilling its mandate to uphold a safe, sound, and robust financial system in Nigeria. Our Banking system remains strong and resilient.
The decision to dissolve the boards was taken after a meeting between Yemi Cardoso, Obazee, and the board and management of the four banks.
All the three banks are involved in the special investigations on how the CBN was run under Godwin Emefiele, the former governor who was ousted soon after President Tinubu took office last May.
