The Central Bank of Nigeria (CBN) has clarified that there are no plans to revoke the licenses of three banks. In a recent press release, Haka Sidi-Ali, the Acting Director of Corporate Communications, addressed the rumors circulating about the potential revocation following the regulatory action against Heritage Bank Plc on June 3, 2024.
Sidi-Ali stated, “The CBN categorically denies these allegations, which are unfounded and intended to incite panic within the financial system. The Nigerian financial system remains safe, sound, and resilient.”
He further explained that the banks are actively working on implementation plans for the Banking Sector Recapitalisation Programme, in line with the CBN’s revised minimum capital requirements for Commercial, Merchant, and Non-Interest Banks. These plans are currently under review by the CBN.
The statement emphasized that this recapitalisation initiative is a proactive measure designed to enhance the banks’ ability to withstand economic shocks. It is expected to bolster the capital base of Nigerian banks, enabling them to extend more credit to vital sectors of the economy.
The CBN believes that this move will significantly boost the financial sector’s contribution to Nigeria’s economic growth, aiming to support the development of a $1 trillion economy.
Reassuring the public, the CBN affirmed its unwavering commitment to maintaining stability in the financial system.
