No Plan To Revoke More Banking Licences -CBN

By Sunday Etuka, Abuja

Contrary to the allegations that the Central Bank of Nigeria (CBN) is set to revoke the licenses of Keystone, Unity and Polaris Banks, the apex bank has clarified that there is no such plan as being alleged.

CBN’s Ag. Director, Corporate Communications, Mrs. Hakama Sidi Ali made the clarification in a statement on Tuesday.

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Mrs. Sidi Ali said the allegations were
following bank’s regulatory action against Heritage Bank Plc on Monday, June 3, 2024.

While affirming that the allegations were false and intended to trigger panic in the financial system, she noted that the Nigerian financial system remains safe, sound, and resilient.

The Director revealed that CBN has begun submitting implementation plans for the Banking Sector Recapitalisation Programme in compliance with its Circular reviewing the minimum capital requirements for Commercial, Merchant, and Non-Interest Banks (CMNIBs), adding that these plans are currently being reviewed by the Bank.

She said, in addition to enhancing buffers to withstand economic shocks, this proactive measure by the CBN to require CMNIBs to recapitalize will result in increased capital for Nigeria’s banks, enabling them to provide much-needed credit to critical sectors of the economy.

“This will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy”, she added.

The CBN, while reassuring all stakeholders of its unwavering commitment to ensuring the financial system’s stability, maintained that the nation’s financial system remains on a solid footing, and it will continue to take all necessary steps to maintain its safety and soundness.

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