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CBN Denies Plans to Revoke Licenses of Unity, Polaris, and Keystone Banks

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The Central Bank of Nigeria (CBN) has denied any plans to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank.

“The content is fake and not from the CBN,” the bank stated.

This response came after online reports suggested that the CBN would terminate the licenses of these banks following the recent revocation of Heritage Bank’s license. The CBN debunked these claims through its social media channels, affirming it has no such plans.

The press previously reported that Heritage Bank’s license was revoked due to the bank’s poor financial performance. “The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability,” the CBN explained.

Due to Heritage Bank’s lack of recovery prospects, the revocation of its license was deemed necessary. The Nigeria Deposit Insurance Corporation has been appointed as the liquidator and has initiated the process of repaying deposits to customers, in accordance with Section 12 (3) of the Banks and Other Financial Institutions Act 2020.

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