In a statement issued by Hakama Sidi Ali, the Acting Director of Corporate Communications, the Central Bank of Nigeria (CBN) has refuted allegations suggesting that it is planning to revoke the licenses of three additional banks, saying that “these allegations are false and intended to trigger panic in the financial system.”
The statement adds, “The Nigerian financial system remains safe, sound, and resilient. Our 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). These 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 recapitalise 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.”
The CBN also reassured all stakeholders that it remains committed to maintaining a stable financial system and will continue to implement measures to ensure its ongoing safety and soundness.
“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.”
These allegations surfaced following the revoking of Heritage Bank Plc’s bank licence on Monday, June 3, 2024 by the CBN. The CBN said it took the decision because of the bank’s inability to improve its financial performance, and that the bank “has no reasonable prospects of recovery.”
According to the CBN, the revocation, reflects its continued dedication to ensure the safety and soundness of Nigeria’s financial system.
Melissa Enoch
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