We are not revoking banking licenses of other additional banks – CBN

By Chinwendu Obienyi

The Central Bank of Nigeria (CBN) on Tuesday, refuted reports that it is planning to revoke the licenses of three additional banks following its recent regulatory action against Heritage Bank Plc.

In a statement signed by the apex bank’s Acting Director, Corporate Communications, Hakama Sidi Ali, the bank noted that its attention has been
drawn to some information circulating in the public domain, suggesting it is set to revoke the licenses of three
additional banks following its regulatory action against Heritage Bank Plc.

It said, “The CBN unequivocally states that these allegations are false and intended to trigger panic in the financial system”.

The bank also reiterated that the Nigerian financial system remains safe, sound, and resilient.

It said, “Our banks have begun submitting implementation plans for the Banking Sector Recapitalisation Programme in compliance with the CBN Circular reviewing the minimum capital requirements for Commercial, Merchant, and Non-Interest Banks (CMNIBs)”.

It 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”.

The CBN thereafter reassured all stakeholders of its unwavering commitment to ensuring
the financial system’s stability.

“Our financial system remains on a solid footing, and the CBN will continue to take all necessary steps to maintain its safety and soundness”, the apex bank.