Heritage Bank: No Plans To Withdraw Licences Of Three Banks, Says CBN

The Central Bank of Nigeria (CBN) has stated that there are no plans to withdraw the licenses of three banks. 

This clarification follows regulatory actions taken against Heritage Bank Plc on Monday, June 3, 2024.

In a press statement issued by the Acting Director of Corporate Communications, Haka Sidi-Ali, the CBN addressed the circulating misinformation. 

“The attention of the Central Bank of Nigeria (CBN) has been drawn to some information circulating in the public domain, suggesting that the CBN is set to revoke the licenses of three additional banks following its regulatory action against Heritage Bank Plc,” Sidi-Ali said.

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

The CBN reassured the public of the robustness and resilience of the Nigerian financial system. 

The bank emphasized that its recent measures are part of a broader strategy to ensure financial stability and growth. “The Nigerian financial system remains safe, sound, and resilient.

 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). 

These plans are currently being reviewed by the Bank,” the statement read.

The recapitalisation initiative is a proactive measure designed to enhance the financial stability of Nigerian banks. 

By increasing their capital bases, banks will be better equipped to absorb economic shocks and provide essential credit to key sectors of the economy. 

This move is expected to significantly bolster the financial system’s contribution to Nigeria’s economic development.

“The expected outcome will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy,” the CBN noted. 

This underscores the central bank’s strategic vision to support national economic goals through a strong and resilient banking sector.

Moreover, the CBN assured Nigerians of its unwavering commitment to maintaining the stability of the financial system.

 The statement highlighted the CBN’s continuous efforts to implement policies and regulatory measures that safeguard the interests of depositors and the overall health of the banking sector.

The clarification from the CBN aims to dispel any fears and uncertainties that may have arisen from the false reports, reaffirming the bank’s dedication to a stable and thriving financial environment.

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