No Plan to Revoke Wema, Polaris, Unity, Fidelity Licences - CBN


According to a statement made by the Central Bank of Nigeria (CBN) and reported by Newsmen on Tuesday, June 11, 2024, the operating licenses of Fidelity Bank, Wema Bank, Polaris Bank, and Unity Bank will not be revoked.

In a statement, Mrs. Hakama Sidi Ali, the CBN's acting director of corporate communications, claimed that there was no truth to the rumors that the banks' licenses were going to be revoked.

She also observed that a circular purporting to be from June 10, 2024, was being circulated again, informing the public that the Boards of Union, Keystone, and Polaris Banks had been dissolved as of January 10, 2024.

She held dishonest people accountable for the development meant to incite panic within the system.

Consequently, Mrs. Sidi Ali advised the public to disregard any misleading information about the state of particular Deposit Money Banks and to carry on with their routine banking operations.

She affirmed that the CBN was actively maintaining the stability of Nigeria's financial system with its strong regulatory framework, ensuring the security of depositor funds in all Nigerian financial institutions.


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