{"id":107724,"date":"2024-06-11T08:51:35","date_gmt":"2024-06-11T07:51:35","guid":{"rendered":"https:\/\/bodexng.com\/?p=107724"},"modified":"2024-06-11T08:51:38","modified_gmt":"2024-06-11T07:51:38","slug":"heritage-bank-shutdown-banking-system-depositors-funds-are-safe-says-cbn","status":"publish","type":"post","link":"https:\/\/bodexng.com\/2024\/06\/heritage-bank-shutdown-banking-system-depositors-funds-are-safe-says-cbn\/","title":{"rendered":"Heritage Bank shutdown: Banking system, depositors\u2019 funds are safe, says CBN"},"content":{"rendered":"<div style=\"margin-top: 0px; margin-bottom: 0px;\" class=\"sharethis-inline-share-buttons\" ><\/div>\n<p>The Central Bank of Nigeria (CBN) says the banking system and depositors\u2019 funds are safe.<\/p>\n\n\n\n<p>Sidi Ali Hakama, the bank\u2019s acting director of corporate communications, said this on Monday during a chat with journalists in Abuja.<\/p>\n\n\n\n<p>This comes amid concerns about the stability of some banks following the licence revocation of Heritage Bank Plc.<\/p>\n\n\n\n<p>Hakama dismissed claims that the CBN was planning to revoke the operating licences of Fidelity Bank, Polaris Bank, Wema Bank, and Unity Bank.<\/p>\n\n\n\n<p>The director assured customers, especially those of Heritage Bank, that their deposits were safe, adding that the Nigeria Deposit Insurance Corporation (NDIC) had commenced payment to the bank\u2019s insured depositors.<\/p>\n\n\n\n<p>Ali said the CBN\u2019s strong regulatory framework is actively maintaining the stability of Nigeria\u2019s financial system, ensuring the safety of depositors\u2019 funds across all Nigerian financial institutions.<\/p>\n\n\n\n<p>\u201cKey financial soundness indicators remain within current regulatory thresholds,\u201d Hakama said.<\/p>\n\n\n\n<p>\u201cCustomers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.\u201d<\/p>\n\n\n\n<p>The director said a circular issued by the bank on January 10, informing the public about the dissolution of the boards of Union, Keystone, and Polaris Banks, is being circulated as if it were issued on June 10.<\/p>\n\n\n\n<p>She said Heritage Bank\u2019s situation was isolated and that claims of additional licence revocations before completing the bank recapitalisation process were fabrications intended to incite panic.<\/p>\n\n\n\n<p>The director reaffirmed the assurances made by Olayemi Cardoso, the CBN\u2019s governor, regarding the purpose of the recapitalisation of Nigerian banks, which is to strengthen the banking system and protect the sector from risks.<\/p>\n\n\n\n<p>Hakama urged all stakeholders to collaborate to ensure the success of the process, adding that it is for the overall growth of the economy.<\/p>\n\n\n\n<p>\u201cWithout prejudice to the ongoing recapitalisation process, I want to restate that the Nigerian banking industry remains resilient,\u201d she said.<\/p>\n\n\n\n<p>Hakama urged the public to continue their regular banking activities without concern, disregarding any false reports concerning the stability of specific deposit money banks.<\/p>\n\n\n\n<p>On June 3, CBN announced the revocation of Heritage Bank\u2019s licence with immediate effect.<\/p>\n\n\n\n<p>The regulator said the decision followed the bank\u2019s inability to improve its financial performance.<\/p>\n\n\n\n<p>Following the revocation, online reports claimed the apex bank would terminate the licences of Unity, Polaris, and Keystone banks.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) says the banking system and depositors\u2019 funds are safe. Sidi Ali Hakama, the bank\u2019s acting director of corporate communications, said this on Monday during a chat with journalists in Abuja. This comes amid concerns about the stability of some banks following the licence revocation of Heritage Bank Plc. Hakama [&hellip;]<\/p>\n","protected":false},"author":886,"featured_media":107493,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":[]},"categories":[427],"tags":[80],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Heritage Bank shutdown: Banking system, depositors\u2019 funds are safe, says CBN<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria (CBN) says the banking system and depositors\u2019 funds are safe. 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