Wema Bank has debunked a social media story that the Central Bank of Nigeria (CBN) has revoked its operational license along with three others.

The bank said the viral WhatsApp message is the handiwork of mischief makers who want to cause unrest in the banking and financial services sector.

Viral message causes panic among bank customers

The WhatsApp message alleged that some commercial banks are about to lose their operational licenses.

The message mentioned Wema Bank as one of the banks at risk of closure by the CBN.

However, Wema Bank, refuting the message, said it would pursue legal actions against the perpetrators of the message as its bank has sound financial health and is at no risk of closure.

Wema Bank said: “Our financial performance showcases financial strength and stability, as validated by stakeholders and auditors at our 2023 Annual General Meeting (AGM), a feat we have achieved despite Nigeria’s economic fluctuations.

“In addition, we are moving ahead to meet the N200 billion minimum capital requirement stipulated by the Central Bank of Nigeria for a commercial bank license with national authorization.

Wema Bank flaunts financial records

Leadership reports that Wema Bank said its financial health has been verified by the rating agency Agusto & Co. Agusto & Co recently upgraded its rating to Bbb+ with an ESG Score of 2 and confirmed a stable outlook.

“With confidence in our financial standing and stable outlook, we have petitioned the security officials to invite NUP for questioning and will be taking legal action on the perpetrator(s) of this defamatory statement, the bank said.

CBN speaks on license revocation claims

Additionally, the CBN issued a statement denying that it withdrew the licenses of more banks following Heritage Bank's revocation of its operational license.

The CBN said the allegations are false as the Nigerian financial system remains sound and resilient.

The financial services regulator said the banks have begun submitting implementation plans for the banking sector recapitalization programme in line with its circular.