KEYSTONE Bank Limited said the Central Bank of Nigeria (CBN) has no plan to withdraw its operating licence, amid growing concerns over the health of the bank.

The chief executive officer (CEO), Hassan Imam, said on Tuesday, October 22, corroborating a post the bank shared on its X handle the previous day.

He said he needed to clarify the issue due to the constant spread of fake news, especially on social media platforms like WhatsApp.

Following the apex bank’s revocation of Heritage Bank’s operating licence, news on the withdrawal of some other banks’ licences has continued to fester.

On June 3, the CBN revoked the banking licence of Heritage Bank, revealing the action became necessary due to the bank’s breach of Section 12 (1) of BOFIA.

It later refuted reports that it had plans to terminate the operating licences of Unity, Polaris, and Keystone banks.

While Unity Bank had settled for a meagre with Providus Bank Limited, the notion over withdrawal of the other banks are still in the media space.

Reacting to this on Tuesday, Imam said the bank’s retail services remain strong as it maintained second place in industry rankings, recognised as the ‘Retail Bank of the Year’ in KPMG’s 2023 report, and emerged as the ‘Retail Bank of the Year’ at the Africa Industrial and Development Conference and Awards 2024.

“We wish to set the records straight that we are strong and have continued to grow our balance sheet while delivering exceptional value to our stakeholders.

“We are actively pursuing legal action against those responsible for spreading fake news and are committed to holding them accountable, the Keystone Bank CEO said.

He asserted that the bank has continued to operate from a position of financial strength, consistently meeting its obligations as well as all regulatory requirements.

Imam became Keystone Bank CEO after CBN dissolved its previous board alongside two other banks on Wednesday, January 10, over various infractions.

The ICIR reported that CBN said the dissolution became necessary due to the non-compliance of the banks and their respective boards with the provisions of Section 12(c), (f), (g), (h) of the Banks and Other Financial Institutions Act, 2020.

The organisation also reported that the sack was not unconnected to the recommendation of the special investigator, Jim Obazee, appointed by President Bola Tinubu in July 2023 to probe the activities of the apex bank under embattled former governor Godwin Emefiele.

“CBN has stated that the changes were made in those banks because they failed to comply with provisions of BOFIA. The signs were evident that the regulatory hammer would fall on the bank’s leadership, having been indicted by the report from the special investigation,” the executive vice chairman of Highcap Securities Limited, David Adonri, told The ICIR at the time.

In an analysis, The ICIR pointed to some reasons CBN might consider revoking some other banks’ operations licences, including Keystone Bank.