The Central Bank of Nigeria (CBN) wants to reassure Nigerians to continue their regular banking activities without any apprehension. Hakama Sidi-Ali, the Acting Director of Corporate Communications Department at the apex bank, reiterated this assurance in a statement released on Monday in Abuja.
Sidi-Ali addressed concerns raised in some quarters regarding the stability of certain Nigerian banks following the revocation of Heritage Bank Plc’s license. She clarified that there were no plans to revoke the operating licenses of Fidelity, Polaris, Wema, and Unity Banks, despite circulating rumors.
The director also pointed out the misinterpretation of a circular issued by the CBN on January 10, 2024, regarding the dissolution of the Boards of Union, Keystone, and Polaris Banks. She emphasized that Heritage Bank’s case was an isolated incident.
Sidi-Ali emphasized that customers, particularly those of Heritage Bank, should not worry about the safety of their deposits, as the Nigeria Deposit Insurance Corporation (NDIC) has commenced payments to insured depositors.
She urged the public to continue their banking transactions without fear, dismissing any false reports about the financial health of specific banks. Sidi-Ali reiterated CBN Governor Olayemi Cardoso’s assurances that the ongoing recapitalization exercise is aimed at strengthening the banking system and mitigating risks.
She encouraged all stakeholders to cooperate in ensuring the success of the recapitalization process for the overall growth of the Nigerian economy. Despite the ongoing process, Sidi-Ali emphasized that the Nigerian banking industry remains resilient, with key financial indicators within regulatory thresholds.
Customers are encouraged to proceed with their transactions as usual, as the CBN remains committed to ensuring the safety of the banking system.