Heritage Bank: No Intention to Revoke Licenses of Three Banks – CBN

The Central Bank of Nigeria (CBN) has clarified that it has no plans to revoke the licenses of three banks, contrary to circulating rumors.

According to a press release by Haka Sidi-Ali, the Acting Director of Corporate Communications for the banks:

“The CBN categorically denies allegations suggesting that it intends to revoke the licenses of three additional banks following its recent regulatory action against Heritage Bank Plc on June 3, 2024.

“These claims are unfounded and aimed at causing unnecessary panic within the financial sector.

“The Nigerian financial system remains stable and resilient. Banks are actively submitting their implementation plans for the Banking Sector Recapitalisation Programme, adhering to the CBN Circular that revises the minimum capital requirements for Commercial, Merchant, and Non-Interest Banks (CMNIBs). These plans are presently under review.”

Additionally, the statement emphasized that the CBN’s proactive measures, including the requirement for commercial banks to recapitalise, are aimed at bolstering their ability to withstand economic challenges and provide essential credit to key sectors of the economy.

The CBN believes that these measures will enhance the financial system’s role in supporting the growth and development of Nigeria’s economy, aiming to achieve a $1 trillion GDP.

Furthermore, the CBN reaffirmed its commitment to ensuring the stability of the financial system.