CBN clears the air on alleged license withdrawal
By Patience Ikpeme
The Central Bank of Nigeria (CBN) has declared that they are not revoking any bank’s license stating that the Nigerian financial system remains safe.
This declaration followed false allegations circulating claiming that the CBN is set to revoke licenses of three banks after its regulatory action against Heritage Bank Plc.
In a statement signed by Acting. Director, Corporate Communications, Mrs. Hakama Sidi Ali, the CBN noted that these allegations were false and only intended to trigger panic in the financial system .
“The Nigerian financial system remains safe, sound and resilient ” stated Hakama.
Hakama also stated that 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).
The process she explained, will aid the buffers set in place to help the economy withstand the economic shocks and also enable Nigerian banks provide critical sectors with much-needed credit .
Hakama further stated that these plans will help increase the financial systems contribution to the growth of a $1 trillion Nigerian economy and the bank is currently reviewing these plans.
Hakama Sidi Ali further reassured the general public and stakeholders of the unwavering commitment of the CBN in ensuring a stable financial system.
