Heritage Bank: CBN denies plans to revoke Unity, Polaris, Keystone banks’ licences

The Central Bank of Nigeria (CBN) says it has no plans to revoke the licences of Unity, Polaris, and Keystone banks.

An Online report had claimed that the apex bank would terminate the licences of the three banks, following the revocation of Heritage Bank’s licence.

CBN in a post on its X handle(formerly Twitter) on Tuesday, said the content was not authentic.

“The content is fake and not from the CBN,” the post reads.

The CBN had on June 3, revoked the operating licence of Heritage Bank.

According to the CBN, the decision was made due to the bank’s inability to improve its 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 bank said.

However, the apex said Heritage Bank had not improved and “has no reasonable prospects of recovery”, thereby making revoking the licence the next necessary step.

The bank said the Nigeria Deposit Insurance Corporation (NDIC) is as a result of this appointed as the liquidator of the bank per Section 12 (3) of the Banks and Other Financial Act (BOFIA) 2020.

According to CBN, the revocation reflects its continued dedication to take all necessary steps to ensure the safety and soundness of Nigeria’s financial system.