Heritage Bank: CBN reassures safety of depositors’ funds

The Central Bank of Nigeria (CBN) has again reassured customers of the safety of their deposits and the banking system’s resilience following Heritage Bank Plc’s licence revocation.

The CBN Acting Director of the Corporate Communications Department, Hakama Sidi-Ali, in Abuja on Monday, June 10, 2024, faulted claims that the apex bank was considering revoking the operating licences of Fidelity, Polaris, Wema, and Unity Banks.

Sidi-Ali also clarified that a circular issued by the CBN on January 10, 2024, notifying the public about the dissolution of the Boards of Union, Keystone, and Polaris Banks, is currently being circulated as though it was issued on June 10.

Speaking with newsmen, the CBN spokesperson emphasised that Heritage Bank’s case was isolated, adding that allegations of further revocation of licences prior to the completion of the bank recapitalisation exercise were mere fabrications aimed at creating panic within the system.

She said customers, particularly those of Heritage Bank, need not worry about the safety of their deposits, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank’s insured depositors.

Liquidation: Heritage Bank customers throng head office for payment

Sidi-Ali, therefore, urged the public to continue their regular banking activities without concern, dismissing any false reports regarding the health of specific Deposit Money Banks.

She confirmed that the CBN, with its robust regulatory framework, is proactively ensuring the stability of Nigeria’s financial system, thereby guaranteeing the safety of depositors’ funds in all Nigerian financial institutions.

While reiterating the assurances of CBN Governor Olayemi Cardoso that the recapitalisation of banks in Nigeria was intended to bolster the banking system and safeguard the sector against risks, Sidi-Ali urged all stakeholders to cooperate in ensuring the success of the process, which she noted would be for the overall growth of the Nigerian economy.

The CBN official added: “Without prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.”

The Star