Akpevwe Okuse
The Central Bank of Nigeria (CBN) has again reassured the banking public about the safety of their deposits and the resilience of the banking system.
The Acting Director of the Corporate Communications Department of the apex bank, Mrs. Hakama Sidi-Ali, assured in a statement on Monday in Abuja.
Sidi-Ali stated in response to concerns about the stability of some Nigerian banks following the revocation of Heritage Bank Plc’s license.
She refuted claims that the CBN was contemplating revoking the operating licenses of Fidelity, Polaris, Wema, and Unity Banks.
She clarified that a circular issued by the bank on January 10, 2024, notifying the public about the dissolution of the boards of Union, Keystone, and Polaris Banks was being circulated as if it were freshly issued.
According to the director, the case of Heritage Bank was isolated. “Allegations of further license revocations before the completion of CBN’s recapitalization exercise are simply fabrications aimed at creating panic within the system,” she said.
She mentioned that bank customers, especially those of Heritage Bank, should not be concerned about the safety of their deposits. She added that the Nigeria Deposit Insurance Corporation (NDIC) has started paying the bank’s insured depositors.
She encouraged the public to continue their regular banking activities without fear and dismissed any false reports about the health of specific Deposit Money Banks.
“The CBN, with its robust regulatory framework, is proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions,” she said.
Sidi-Ali restated CBN Governor Olayemi Cardoso’s assurances that the bank recapitalization in Nigeria aims to strengthen the banking system and protect it from risks.
She urged all stakeholders to cooperate in ensuring the success of the process, which she said would be for the overall growth of the Nigerian economy.
“Without prejudice to the ongoing recapitalization process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.
“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system,” she said.
