Heritage Bank shutdown: Banking system, depositors' funds are safe, says CBN

Sidi Ali Hakama, the bank’s acting director of corporate communications, said this on Monday during a chat with journalists in Abuja.

Hakama dismissed claims that the CBN was planning to revoke the operating licences of Fidelity Bank, Polaris Bank, Wema Bank, and Unity Bank.The director assured customers, especially those of Heritage Bank, that their deposits were safe, adding that the Nigeria Deposit Insurance Corporation had commenced payment to the bank’s insured depositors.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system.” She said Heritage Bank’s situation was isolated and that claims of additional licence revocations before completing the bank recapitalisation process were fabrications intended to incite panic.

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Heritage Bank: Revocation of license by CBN wasn’t surprisingFormer Deputy Governor of the Central Bank of Nigeria, CBN, Kingsley Moghalu, has described the recent revocation of the banking license of Heritage Bank by the apex bank as the chronicle of a death foretold. Moghalu said the development wasn't surprising.
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