Wema Bank Opens up on Viral Report of Alleged License Revocation by CBN

Wema Bank Opens up on Viral Report of Alleged License Revocation by CBN

  • Wema Bank has denied a viral message alleging that the CBN had revoked its operational license
  • The bank disclosed in a statement that its financial health remains strong and sound and has been affirmed by a rating agency
  • Wema Bank said it would seek legal action against those behind the viral message as CBN denies revoking new licenses

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.

Wema Bank reveals financial health, CBN
Wema denies rumours of licence revocation by the Olayemi Cardoso-led Central Bank of Nigeria (CBN) Credit: CBN
Source: Facebook

Viral message causes panic among bank customers

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

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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.

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“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.

CBN denies plan to revoke licenses of 4 banks

Legit.ng earlier reported that the CBN has stated clearly that there are no plans to revoke the licenses of Fidelity, Polaris, Wema, and Unity Banks as alleged.

This clarification came amid rumors about plans to revoke more banking licenses following Heritage Bank's license revocation.

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Several messages had been shared on WhatsApp asking customers to withdraw their deposits.

Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng

Source: Legit.ng

Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng