CBN Denies Plans To Revoke Unity, Polaris, Keystone Banks Licenses

The Central Bank of Nigeria has denied reports that it plans to revoke the licenses of Keystone, Unity and Polaris Banks.

The apex bank debunked the claims saying “The content is fake and not from the CBN.”

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

However, the CBN has dismissed this claim in a post on its social media handles, stating that it has no plans to do so.

TORI reported that the CBN had revoked Heritage Bank’s license, citing 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.

The CBN added that Heritage Bank had not shown any prospects of recovery, making the revocation of its license necessary.

The Nigeria Deposit Insurance Corporation has been appointed as the liquidator of the bank, in line with Section 12 (3) of the Banks and Other Financial Act 2020 and has begun the process of repayment of deposits to customers already.