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Just In: CBN revokes Heritage Bank license

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The Central Bank of Nigeria (CBN) has reportedly revoked the license of Heritage Bank Plc with immediate effect.

The apex bank said was to keep a stable and healthy financial system as authorised under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

A statement from the CBN by Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, said the revocation was executed after Heritage Bank breached Section 12 (1) of BOFIA 2020.

The CBN said, “The bank’s Board and Management failed to improve its financial performance, posing a risk to the financial stability of the country. Despite various supervisory measures taken by the CBN to help the bank recover, Heritage Bank continued to struggle without any reasonable prospects of recovery.”

To ensure public confidence and integrity of the financial system, the apex bank appointed the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator of Heritage Bank as stipulated in Section 12 (2) of BOFIA 2020.

The apex bank reassured the public that Nigeria’s financial system remains robust and secure.

 

Details later…

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