CBN speaks on plan to revoke licenses of three other banks

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The Central Bank of Nigeria (CBN) has debunked reports claiming it is set to revoke the licenses of Unity Bank, Keystone Bank and Polaris Bank.

The apex bank, in a post via its official X account on Tuesday, urged members of the public to dismiss the report as fake news.

Sharing a screenshot of the publication, CBN wrote: “This content is fake and not from the Central Bank of Nigeria.”

CBN speaks on plan to revoke licenses of three other banks


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Yesterday, the CBN revoked the operating license of Heritage Bank.

The decision was taken in line with the CBN’s responsibility to uphold a stable financial system in Nigeria and utilizing its authority under Section 12 of the Banks and Other Financial Act (BOFIA) 2020.

This action was deemed necessary due to the bank’s violation of Section 12 (1) of BOFIA, 2020.

Meanwhile, the Nigeria Deposit Insurance Corporation (NDIC), has assured customers of banks in the country of the safety of their deposits and investments.

The NDIC assured the banking public that banks whose licenses have not been revoked remain safe and sound. It also urged depositors and other stakeholders to continue their banking businesses without fear.


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