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Fake News: No Plans To Revoke Polaris, Unity Bank’s Licenses-CBN




The apex bank in Nigeria, the Central Bank of Nigeria (CBN), has refuted speculations that it is set to revoke the operational licenses of Polaris Bank, Unity Bank, and Keystone Bank.

Keystone Bank

This follows a media report that the Yemi Cardoso-led CBN is set to give the earlier-mentioned banks the same treatment it gave Heritage Bank.

Polaris Bank

Recall that the CBN had on Monday, June 3 revoked the license of Heritage Bank citing its responsibility to uphold a stable financial system in Nigeria and utilizing its authority under Section 12 of the Banks and Other Financial Act (BOFIA) 2020.

Unity Bank

In a post shared on its official X account on Tuesday, May 4, the CBN urged members of the public to dismiss the report as fake.

Sharing a screenshot of the publication, the CBN wrote: “This content is fake and not from the Central Bank of Nigeria.”

CBN denies having plans to revoke licenses of other banks

Polaris Bank AD




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