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Heritage Bank: No Plans To Withdraw Licenses Of Three Banks – CBN - The Revealer
Banking and Finance

Heritage Bank: No Plans To Withdraw Licenses Of Three Banks – CBN

The Central Bank of Nigeria (CBN) has assured Nigerians of its unwavering commitment to ensuring the financial system’s stability saying there are no plans to withdraw the licenses of three banks.

A press statement by the banks Acting Director of Corporate Communications, Haka Sidi-Ali, said, “The attention of the Central Bank of Nigeria (CBN) has been drawn to some information 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 CBN unequivocally states that these allegations are false and intended to trigger panic in the financial system.

“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.”

The statement added that in addition to enhancing buffers to withstand economic shocks, the proactive measure by the CBN to require commercial banks to recapitalise will result in increased capital for Nigeria’s banks, enabling them to provide much-needed credit to critical sectors of the economy.

The expected outcome, according to the apex bank, will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy.

The CBN also assured Nigerians of its unwavering commitment to ensuring the financial system’s stability.

Edet Udoh

We are The Revealer, a general online news platform based in Nigeria. Our focus amongst others is to provide credible, factual, well researched and balanced news and articles for our teeming readers in business, governments, politics, engineering, science, religion, technology etc. Edet Udoh is the Managing Editor. He is an experienced media person. He has worked extensively with the Champion Newspapers, The Authority Newspapers and the Blueprint Newspaper before starting Revealer Online News platform in 2018. He can be reached with this email address: edetudoh2003@gmail.com or via these phone numbers 08061246427 and 08170080488

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