CBN Denies Plans to Revoke Licenses of Unity, Polaris, and Keystone Banks

The Central Bank of Nigeria (CBN) has denied any intentions to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank.

“The content is fake and not from the CBN.”

Recent online reports suggested that the CBN would terminate the licenses of these three banks, following the revocation of Heritage Bank’s license. However, the CBN refuted these claims in a post on its social media handles, clarifying that there are no such plans.

Earlier, it was reported that the CBN had revoked Heritage Bank’s license due to its failure to improve financial performance.

“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,” the bank stated.

The CBN added that Heritage Bank had not shown any prospects of recovery, making the revocation of its license necessary.

The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of Heritage Bank, in line with Section 12 (3) of the Banks and Other Financial Act 2020, and has already begun the process of repaying deposits to customers.