Heritage Bank: ‘No plans to withdraw licenses of banks’ CBN

The Central Bank of Nigeria (CBN) has rebuffed false allegations circulating in the public domain, suggesting that the CBN is set to revoke the licenses of three additional banks following its regulatory action against Heritage Bank Plc on Monday, June 3, 2024.

The Ag. Director, Corporate Communications (CBN)
Hakama Sidi Ali (Mrs.) disclosed this in a statement on Tuesday stated that the allegations are false and intended to trigger panic in the financial system.

According to Ali, the Nigerian financial system remains safe, sound, and resilient and 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) as plans are currently being reviewed by the Bank.

“In addition to enhancing buffers to withstand economic shocks, this proactive measure by the CBN to require CMNIBs to recapitalize will result in increased capital for Nigeria’s banks, enabling them to provide much-needed credit to critical sectors of the economy.

“This will increase the financial system’s contribution to the growth and development of a $1 trillion
Nigerian economy.”

She added that the CBN would like to reassure all stakeholders of its unwavering commitment to ensuring the financial system’s stability.

“Our financial system remains on a solid footing, and the CBN will continue to take all necessary steps to maintain its safety and soundness.”

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