Business
By Victoria Frances
THE Central Bank of Nigeria, CBN, has refuted false allegations of withdrawals of additional licenses of three additional banks.
A statement by Hakama Sidi Ali, acting director, Corporate Communications, CBN, said: “the attention of the bank has been drawn to some information
circulating in the public domain, suggesting 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
“The CBN unequivocally states that these allegations are 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.”
In addition to enhancing buffers to withstand economic shocks, CBN said: “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 will increase the financial system’s contribution to the growth and development of a $1 trillion Nigerian economy.”
It stated that “The CBN would like to reassure 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.”
4th JUNE, 2024.
C.E.
Tags: CBN Central Bank of Nigeria Hakama Sidi Ali
