CBN denies plans to revoke licences of Unity Bank, Polaris Bank, Keystone Bank

Persecondnews recalls that the Central Bank of Nigeria (CBN) withdrew Heritage Bank's banking license on June 3, citing the bank's failure to recover from its poor financial standing as the reason for its decision.

Daniel OkejemeJune 4, 20241 Mins read1.2k

The Central Bank of Nigeria (CBN) has described as false the news that it is planning to revoke the licenses of Unity, Polaris, and Keystone banks.

According to online reports, the apex bank plans to revoke the licenses of three additional banks following Heritage Bank’s revocation.

However, in a post on its social media pages on Tuesday, the bank said the content was not authentic and didn’t emanate from them.

Persecondnews recalls that the Central Bank of Nigeria (CBN) withdrew Heritage Bank’s banking license on June 3, citing the bank’s failure to recover from its poor financial standing as the reason for its decision.

The apex bank said: “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.

“Heritage Bank had not improved and has no reasonable prospects of recovery, thereby making revoking the license the next necessary step.

“The revocation, according to the apex bank, reflects its continued dedication to take all necessary steps to ensure the safety and soundness of Nigeria’s financial system.”