CBN Denies Plan to Revoke Licenses of 4 Major Banks After Heritage Bank, Assures Customers

CBN Denies Plan to Revoke Licenses of 4 Major Banks After Heritage Bank, Assures Customers

  • The CBN has denied reports that it is planning to cancel the licenses of Fidelity, Polaris, Wema, and Unity banks
  • The apex bank has asked customers not to worry, noting that their deposits in their accounts are safe and secure
  • The CBN's response followed viral message shared on WhatsApp and other social platforms that, after Heritage Bank, it plans to close more banks

The Central Bank of Nigeria (CBN) has stated clearly that there are no plans to revoke the licenses of Fidelity, Polaris, Wema, and Unity Banks as alleged.

CBN speaks on rumoured plan to revoke licences of Fidelity, Unity, other banks
CBN denies plan to close 4 major banks in Nigeria Photo credit: @cenbank
Source: Getty Images

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

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

One of the viral messages seen by reads:

Read also

CBN sends message to Nigerians, clears status of Union Bank, Polaris, Keystone, others

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"Please if you know of anyone that has an account with Heritage Bank, Unity Bank, Polaris bank and Keystone Bank..
"Please go and withdraw your money there before it is too late. CBN has withdrawn the license of these banks mentioned above."

CBN denies plans to close four banks

Reacting in a statement released on Monday, June 10 and signed by Hakama Sidi Ali, CBN's acting director of the corporate communications department, the apex bank reassured the public of the safety of their deposits and the banking system's resilience.

The statement reads:

“The Nigerian banking industry remains resilient. Key financial soundness indicators remain within current regulatory thresholds."

Ali clarified that the dissolution of the boards of Union, Keystone, and Polaris Banks happened years ago.

She stated:

"This circular is now being misrepresented as a new directive issued on June 10, 2024. Nigerians should disregard.

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NDIC issues steps for customers of Heritage Bank to get refund

“The case of Heritage Bank is isolated.”

She urged bank customers, especially Heritage Bank customers, not to worry about the safety of their deposits, as the Nigeria Deposit Insurance Corporation (NDIC) has already begun making payments to the bank's insured depositors.

CBN assures public about bank deposits

Reiterating the CBN's commitment to financial stability, Sidi Ali encouraged the public to continue their regular banking activities without worry.

She said:

“Customers are encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system."

She also highlighted the CBN's robust regulatory framework, which proactively ensures the stability of Nigeria's financial system and guarantees the safety of depositors' funds across all Nigerian financial institutions.

NDIC vows to retrieve N700 billion from loan defaulters earlier reported that the NDIC announced its intention to recover N700 billion in loans from Heritage Bank debtors and refund customers their funds.

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"My Heritage Bank account has N9m. How can I get my money after CBN shutdown?” Expert explains

The CBN appointed the corporation as a liquidator to help settle depositors of the recently liquidated bank.

It stated that the NDIC Act 2023 empowers it to recover as many loans as possible to maintain financial stability.

Proofreading by James Ojo Adakole, journalist and copy editor at


Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email:

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