In recent weeks, a claim went viral across social media platforms that the Central Bank of Nigeria (CBN) had revoked the licenses of Unity, Keystone, and Polaris Banks. One version of the claim, posted on X (formerly Twitter), garnered over 16,000 views, fueling concerns about the stability of the financial sector.
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The viral claim emerged shortly after the CBN revoked the license of Heritage Bank for contravening Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2020. According to the CBN’s Revocation Order signed by Governor Yemi Cardoso, Heritage Bank had “insufficient assets to meet its liabilities,” “conducted its business in an unsound manner,” “failed to comply with specific obligations,” was “critically undercapitalized,” and its “financial performance and condition constitute a threat to financial stability.”
While the Heritage Bank license revocation was legitimate, the claim about Unity, Keystone, and Polaris Banks appears to have stemmed from a previous action by the CBN. In January 2024, the apex bank terminated and dissolved the entire boards of these three banks, accusing them of non-compliance with provisions of the BOFIA 2020.
The CBN accused the board of the banks of not complying with the provisions of Section 12(c), (f), (g), (h) of Banks and Other Financial Institutions Act, 2020, after the dissolution, the apex bank immediately appointed a new set of executives to sit on the board of the banks.
It is this past event that likely led to the spread of the viral claim about the revocation of licenses for Unity, Keystone, and Polaris Banks.
However, the CBN has categorically denied the claim. In a statement signed by Hakama Sidi Ali, the acting director of corporate communications, the CBN stated, “These allegations are false and intended to trigger panic in the financial system.”
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To verify the claim, the CDD War Room checked several branches of these banks and found that banking operations were ongoing, with customers making seamless transactions.
CDD War Room said, “The claim that the CBN revoked the licenses of Unity, Keystone, and Polaris Banks is false,”
“Although the boards of these banks were previously restructured, we have a press statement from the apex bank describing the viral claim as false, and our own investigations confirmed that these banks continue to operate normally.”
