Business

CBN Guarantees Safety Of Depositors’ Funds

According to the director, the situation with Heritage Bank was an isolated case.

By Johnson Atoukudu

The Central Bank of Nigeria has reassured the public about the safety of their deposits and the resilience of the banking system.

In a statement issued on Monday in Abuja, Mrs. Hakama Sidi-Ali, the Acting Director of the Corporate Communications Department, addressed concerns about the stability of certain Nigerian banks following the license revocation of Heritage Bank Plc.

Sidi-Ali refuted claims that the CBN was considering revoking the operating licenses of Fidelity, Polaris, Wema, and Unity Banks. She also clarified that a circular from January 10, 2024, regarding the dissolution of the Boards of Union, Keystone, and Polaris Banks, was being misrepresented as newly issued.

According to the director, the situation with Heritage Bank was an isolated case.

“Allegations of further revocation of licences prior to the completion of CBN’s recapitalisation exercise are mere fabrications aimed at creating panic within the system,” she said.

She assured bank customers, especially those of Heritage Bank, that there was no need to worry about the safety of their deposits, as the Nigeria Deposit Insurance Corporation (NDIC) had started paying the bank’s insured depositors.

Sidi-Ali encouraged the public to continue their regular banking activities without fear, dismissing any false reports concerning the health of specific Deposit Money Banks.

“The CBN, with its robust regulatory framework, is proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions,” she said.

Sidi-Ali reiterated CBN Governor Olayemi Cardoso’s assurances that the recapitalization of banks in Nigeria aims to strengthen the banking system and protect the sector from risks.

She called on all stakeholders to cooperate in ensuring the success of this process, which she stated would contribute to the overall growth of the Nigerian economy.

“Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system,” she said.

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