CBN denies plans to revoke Unity, Polaris, Keystone banks licenses

<!– tmc_ads_send({ “data-tmc-application”: “240527QJBmDrni”, “data-tmc-seat”: “240527FGR657jX” }) –>

The Central Bank of Nigeria has denied plans to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank, saying “The content is fake and not from the CBN.”

Online reviews had claimed that the apex financial institution would terminate the licenses of the three banks, following the revocation of Heritage Bank’s license.

However, the CBN has debunked this declare in a submit on its social media handles, stating that it has no plans to take action.

PUNCH Online reported that the CBN had revoked Heritage Bank’s license, citing the financial institution’s incapacity to enhance its monetary efficiency.

Related News

“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 financial institution stated.

The CBN added that Heritage Bank had not proven any prospects of restoration, making the revocation of its license mandatory.

The Nigeria Deposit Insurance Corporation has been appointed because the liquidator of the financial institution, in step with Section 12 (3) of the Banks and Other Financial Act 2020 and has begun the method of reimbursement of deposits to clients already.

All rights reserved. This materials, and different digital content material on this web site, will not be reproduced, printed, broadcast, rewritten or redistributed in complete or partly with out prior specific written permission from PUNCH.

Contact: [email protected]



About Author

You may also like


Protesting Zamfara neighborhood barricades Govt House, faults troops withdrawal

There was tension in Gusau, the Zamfara State capital on Sunday, as residents of Bini village in the Maru Local

How to spice up your checking account, cellular pockets safety

Cybercriminals are constantly devising new ways to exploit vulnerabilities and steal sensitive information. DANIEL ADAJI outlines ways to safeguard your