The content is false - CBN says it doesn't plan to revoke licenses of Unity, Polaris and Keystone banks

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The Central Bank of Nigeria

The Central Bank of Nigeria (CBN) has dismissed reports that it has or plans to revoke the license of Unity Bank, Keystone Bank, and Polaris Bank.

This follows viral reports the apex bank is set to revoke the licenses of the three banks following the revocation of the license of Heritage Bank.

The reports were debunked in a post on its official X account on Tuesday, June 4 as it urged members of the public to dismiss the rumors.

“The content is fake and not from the CBN,” the post reads.

Recall, that the license of Heritage Bank was revoked after the bank failed to improve its financial performance.

The statement partly reads: “The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.

‘This action has become necessary due to the bank’s breach of Section 12(1) of BOFIA, 2020.

“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.”