Reports of plan to revoke Unity, Keystone, Polaris Banks licenses untrue – CBN

The Central Bank of Nigeria, CBN said on Tuesday that report of plans to revoke operating licenses of Unity, Keystone and Polaris Bank was untrue.

The apex bank was reacting to an online report that plans were afoot to revoke the operating licenses of the three commercial banks, in a manner that the license of Heritage Bank was revoked.

The report sent panic across the subscribers and operators of the reported, thereby making the CBN to issue a statement of clarification via its official X account on Tuesday, urging members of the public to dismiss the report.

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

The statement partly reads: “The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.

‘This action has become necessary due to the bank’s breach of Section 12(1) of BOFIA, 2020.

“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.”