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CBN Debunks Rumors, Unity, Polaris, Keystone Banks Licenses Safe

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CBN Debunks Rumors, Unity, Polaris, Keystone Banks Licenses Safe
– CBN denies plans to revoke licenses of Unity, Polaris, Keystone banks
– Online reports claimed licenses would be terminated following Heritage Bank’s license revocation
– CBN calls the reports “fake” and assures no such plans exist

The Central Bank of Nigeria has refuted claims that it plans to revoke the licenses of Unity Bank, Polaris Bank, and Keystone Bank.

These rumors emerged after the CBN revoked Heritage Bank’s license due to its poor financial performance and lack of prospects for recovery.

The CBN labeled the reports “fake” and assured that no such plans are in place, putting customers’ minds at ease.

According to the CBN, “The content is fake and not from the CBN,” dismissing the online rumors.

The Nigeria Deposit Insurance Corporation has taken over Heritage Bank’s liquidation, repaying customer deposits as per Section 12 (3) of the Banks and Other Financial Act 2020.

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Business

FG Unveils Incentives to Boost Foreign Direct Investments

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– FG offers incentives to attract foreign direct investments
– Incentives include tax breaks, duty waivers, and deferred payments
– NEPZA aims to create a favourable business environment

The Federal Government has announced plans to attract foreign direct investments by offering incentives to businesses operating in Nigeria.

These incentives include customs duty waivers, tax breaks, and deferred payments to alleviate financial burdens.

The Managing Director of Nigeria Export Processing Zones Authority, Olufemi Ogunyemi, stated that the move is in response to challenges posed by foreign exchange constraints and unreliable power supply.

He noted that the incentives aim to reduce production costs and encourage companies to maintain their operations within Nigeria.

Ogunyemi emphasized the importance of corporate social responsibility, requiring investors to contribute to societal development through CSR initiatives.

He believes that economic growth should be coupled with sustainable community impact.

The incentives are expected to support existing businesses and attract new ventures looking to establish and expand their operations in Nigeria.

By providing a favourable business environment, NEPZA aims to drive economic growth and development.

 

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Business

SEC Urges Capital Market Stakeholders To Embrace Innovation For Sustainable Growth

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SEC DG.
– SEC urges capital market operators to embrace innovation
– Regulatory Incubation programme to support fintech businesses
– Risk management frameworks essential for market stability

The Securities and Exchange Commission (SEC) has emphasized the importance of innovation in driving sustainable growth and development in the capital market.

According to the Director General, Emomotimi Agama, innovation is crucial for efficiency, transparency, and resilience in the market.

Agama stressed that the SEC is committed to supporting innovation and growth through its Regulatory Incubation programme, which allows fintech businesses to operate within a controlled regulatory environment.

This programme aims to ensure investor protection and market stability while fostering financial technology advancements.

The SEC’s efforts are guided by the Revised Capital Market Master Plan (CMMP 2021-2025), which prioritizes technology and innovation to expand the depth and breadth of the Nigerian capital market.

Agama warned stakeholders about associated risks, such as cybersecurity threats and regulatory complexities, and emphasized the need for robust risk management frameworks.

“In its efforts to support innovation and growth in the market, the SEC has established a programme of assessment called Regulatory Incubation to help new fintech businesses,” Agama said.

The SEC will ensure appropriate safeguards are in place to protect investors and maintain market stability.

 

 

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