Home BUSINESS BANKING & FINANCE We’ll Not Revoke License Of Any Bank Again, CBN Assures Nigerians

We’ll Not Revoke License Of Any Bank Again, CBN Assures Nigerians


The Central Bank of Nigeria (CBN) has debunked rumours making the rounds that it is going to revoke the licenses of three
additional banks after its regulatory action against Heritage Bank Plc on Monday, June 3.
A statement today, June 3, by the apex Bank’s spokesperson, Hakama Sidi Ali said that such rumours are false and intended to trigger panic
in the financial system.
The statement stressed that the Nigerian financial system is 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. 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 would like to reassure 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.”

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