No shaking, CBN declares on Keystone bank
By Tayo Ogunseye
The nation’s apex bank, CBN has dismissed as false information being circulated that it plans to revoke the operating license of Keystone bank and two others.
The information is coming days after the CBN hammer fell on Heritage bank.
The Central Bank in a statement signed by its Acting Director (Corporate Communications) Hakama Sidi Ali (Mrs.) said the information on Keystone Bank is false as there is no plans to revoke the operating license of the bank which is quite healthy.
Below is the full statement of CBN…
“The attention of the Central Bank of Nigeria (CBN) 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, 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. 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.”
