The Central Bank of Nigeria (CBN) has clarified that it has no intentions of revoking the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank, and Unity Bank. This assurance comes in response to circulating rumors suggesting otherwise.

In a statement, Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, dismissed the rumors as false. She explained that an old circular from January 10, 2024, which announced the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being misleadingly recirculated as a recent notice.

Mrs. Sidi Ali attributed these rumors to individuals intent on creating unnecessary panic. She reassured the public about the safety of their deposits, emphasizing the resilience of the Nigerian banking system.


She highlighted that the situation with the defunct Heritage Bank was an isolated incident and that the Nigeria Deposit Insurance Corporation (NDIC) has started paying out the bank’s insured deposits.

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The public is encouraged to continue their banking activities without worry. Mrs. Sidi Ali reaffirmed the CBN’s commitment to maintaining a stable financial system, ensuring the safety of depositors’ funds across all Nigerian financial institutions.

She also reiterated the Governor Olayemi Cardoso’s commitment to the ongoing recapitalization of banks, aimed at strengthening the banking sector and safeguarding it against risks. She called on stakeholders to support the recapitalization process for the overall benefit of the Nigerian economy.

In her final remarks, Mrs. Sidi Ali stressed the resilience of the Nigerian banking industry, noting that key financial indicators remain within regulatory thresholds. She urged customers to proceed with their transactions as usual, assuring them of the CBN’s dedication to ensuring the stability and safety of the banking system.