Amid liquidation fears, CIBN assures of Nigerian banks safety, resilience

Following the revocation of the operating license of Heritage Bank Plc and the lingering worries on the health of other four banks in the country, the Chartered Institute of Bankers of Nigeria (CIBN), on Wednesday, reassured Nigerians that the banking system remained “safe, sound and resilient”.

President of the institute, Prof. Pius Olanrewaju, gave the reassurance in a statement in Lagos to allay misinformation and “fake news” that the licences of more banks will be revoked by the Apex bank.

He emphasised the importance of clarifying rumours that additional bank licenses would be revoked following the regulatory action taken by the Central Bank of Nigeria (CBN) against Heritage Bank Plc on June 3.

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“We would like to allay the fears of bank customers and the general public that the assertion is false and misleading. The Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have debunked the claim,” he stated.

He added that the ongoing recapitalisation process announced by the CBN aims to further strengthen the resilience of banks and their capacity to support the growth of the Nigerian economy.

“Consequently, we urge the public to continue conducting their banking services without hesitation or apprehension,” Mr Olanrewaju said.

According to him, CIBN is committed to promoting best practices and ensuring that the sector remains safe and sound in collaboration with other stakeholders in the ecosystem.