" ITREALMS: No plans to revoke more licences, says CBN - ITREALMS

Tuesday, June 04, 2024

No plans to revoke more licences, says CBN - ITREALMS

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The Central Bank of Nigeria (CBN) has refuted allegations of its plans to revoke some more licenses, reports 
CBN: No plans to revoke more licences - ITREALMS
This followed the revoking of the Heritage Bank Plc license on Monday, June 3, 2024.

The apex bank in a press statement available to 
ITREALMS by the Acting Director, Corporate Communications at CBN, Hakama Sidi Ali (Mrs.) said that some information circulating in the public domain, suggested that the CBN is set to revoke the licenses of three additional banks following its regulatory action against Heritage Bank Plc on Monday, June 3, 2024.

According to her, the CBN unequivocally states that these allegations were false and intended to trigger panic in the financial system.

"The Nigerian financial system remains safe, sound, and resilient. Our banks have begun
submitting implementation plans for the Banking Sector Recapitalisation Programme in
compliance with the CBN Circular reviewing the minimum capital requirements for
Commercial, Merchant, and Non-Interest Banks (CMNIBs).

"These plans are currently being reviewed by the Bank," she said.

Additionally, she said, that to enhance buffers to withstand economic shocks, this proactive measure by the CBN to require CMNIBs to recapitalize will result in increased capital for Nigeria’s banks, enabling them to provide much-needed credit to critical sectors of the economy.

This, she further said, will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy.

The CBN, therefore, reassured all stakeholders of its unwavering commitment to ensuring the financial system’s stability.

"Our financial system remains on a solid footing, and the CBN will continue to take all necessary steps to maintain its safety and soundness," she said.

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