The Central Bank of Nigeria (CBN) has denied reports that it is set to revoke the licenses of Unity Bank, Keystone Bank, and Polaris Bank.
The Central Bank of Nigeria has denied reports that it is set to revoke the licenses of Unity Bank, Keystone Bank, and Polaris Bank.
An online report claimed that the Central Bank of Nigeria would revoke the licenses of three banks, allegedly following the revocation of Heritage Bank’s license. The apex bank, in a post via its official X account on Tuesday, urged members of the public to dismiss the report.According to the CBN, the decision was made due to the bank’s failure to improve its financial performance.
The statement partly reads: “The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.
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