Claim: According to several WhatsApp messages, the CBN had revoked the licences of three commercial banks in the country.
Verdict: The information is meant to cause financial panic and is therefore false, as confirmed by the CBN’s spokesperson.
Full Text
With a broad expanse of users, WhatsApp is one of the most widely used Internet messaging platforms in Nigeria. In addition to keeping friends and family in touch, the messaging app allows for simultaneous interaction between like-minded groups of people. This ease of communication, however, comes with a strong drawback: the immediate spread of misinformation. And no class of users is more susceptible to this hazard than the elderly, who are often prone to sharing misleading claims and videos with their children and loved ones.
Lately, one of such messages has been making the rounds on WhatsApp. Imbued with a sense of urgency, it reads: “Attention, Attention, Attention, CBN has withdrawn the liscences of Heritage Bank, Unity Bank, and Keystone Bank respectively. All the affected customers should try and withdraw all their money using an ATM card or transfer all the money to the money to another bank now before it is too late.”
It enjoins its readers to spread the message among “our colleagues, family and friends.”
Verification
A keyword search on CBN led to several reports that confirmed the claim was false. In a statement, Hakama Sidi Ali, the Acting Director of Corporate Communications of CBN denied allegations, describing them as false and aimed at creating panic within the financial system.
The statement read: “The Nigerian financial system remains safe, sound, and resilient. Our banks have started submitting their implementation plans for the Banking Sector Recapitalisation Programme, by the CBN Circular that revises the minimum capital requirements for Commercial, Merchant, and Non-Interest Banks (CMNIBs). These plans are currently under review by the bank.
“This proactive measure, which requires CMNIBs to recapitalize, is designed to strengthen the banks’ ability to withstand economic shocks. It will also increase their capital, enabling them to provide essential credit to critical sectors of the economy. This enhancement will support the growth and development of Nigeria’s $1 trillion economy.”
The CBN reassured stakeholders of its commitment to maintaining a stable financial system and its continued measures to ensure its safety and soundness.
“The CBN remains steadfast in its commitment to the stability of the financial system. Our financial system is on a solid foundation, and we will continue to take all necessary actions to preserve its safety and soundness,” the statement added.
According to one of the reports, allegations emerged after the CBN revoked Heritage Bank Plc’s licence on Monday, June 3, 2024, citing concerns about fiscal performance and the bank’s lack of reasonable prospects for recovery. The revocation reflects the CBN’s ongoing commitment to ensuring the stability and soundness of Nigeria’s financial system.
Conclusion
Based on the foregoing, the message circulated across WhatsApp about the revocation of the licences of Heritage, Keystone, and Unity Banks is unfounded.
According to a fake message circulating on WhatsApp, the Central Bank of Nigeria (CBN) had revoked the licenses of three commercial banks: Heritage Bank, Unity Bank, and Keystone Bank. This message, meant to cause financial panic, urged customers to withdraw or transfer their money immediately. However, the CBN spokesperson confirmed that this information is false.
WhatsApp, widely used in Nigeria, is a platform where misinformation can spread rapidly, particularly among the elderly. This fake message has been debunked through various reports and official statements from the CBN. Hakama Sidi Ali, the Acting Director of Corporate Communications of CBN, denied the allegations and reassured the public of the stability and resilience of the Nigerian financial system.
The CBN highlighted its Banking Sector Recapitalisation Programme, aimed at strengthening banks' ability to withstand economic shocks by increasing their capital. The central bank is committed to maintaining a stable and sound financial system. Reports that Heritage Bank Plc’s license was revoked on June 3, 2024, were also mentioned to underline CBN's ongoing efforts in ensuring financial stability.
In conclusion, the WhatsApp message about the revocation of bank licenses is unfounded and should be disregarded. The CBN maintains that the Nigerian financial system is safe and sound.
