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Heritage Bank: Banking system, Depositors’ Funds are Safe -CBN

The Central Bank of Nigeria (CBN) has reiterated that the banking system and depositors’ funds are safe, amid concerns about the stability of some banks following the licence revocation of Heritage Bank Plc. Sidi Ali Hakama, the bank’s acting director of corporate communications, made this statement on Monday during a chat with journalists in Abuja.
Hakama dismissed claims that the CBN was planning to revoke the operating licences of Fidelity Bank, Polaris Bank, Wema Bank, and Unity Bank. The director assured customers, especially those of Heritage Bank, that their deposits were safe, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors. Hakama emphasized that the CBN’s strong regulatory framework is actively maintaining the stability of Nigeria’s financial system, ensuring the safety of depositors’ funds across all Nigerian financial institutions.
Key financial soundness indicators remain within current regulatory thresholds, and customers are encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.
Hakama clarified that Heritage Bank’s situation was isolated and that claims of additional licence revocations before completing the bank recapitalisation process were fabrications intended to incite panic. She reaffirmed the assurances made by Olayemi Cardoso, the CBN’s governor, regarding the purpose of the recapitalisation of Nigerian banks, which is to strengthen the banking system and protect the sector from risks.
The director urged all stakeholders to collaborate to ensure the success of the process, adding that it is for the overall growth of the economy. She emphasized that the Nigerian banking industry remains resilient and urged the public to continue their regular banking activities without concern, disregarding any false reports concerning the stability of specific deposit money banks.
The CBN revoked Heritage Bank’s licence on June 3, citing the bank’s inability to improve its financial performance. However, the regulator assured that the banking system remains stable and that depositors’ funds are safe
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