CBN revokes licence of Heritage Bank
The Central Bank of Nigeria (CBN )has revoked the license of Heritage Bank Plc with immediate effect.
This decision, it said, was to maintain 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 Mrs. Hakama Sidi Ali Acting Director, Corporate Communications said the revocation was executed after Heritage Bank breached Section 12 (1) of BOFIA 2020.
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The central bank pointed out that the Board and Management of the bank had not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.
This followed a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.
Sidi Ali said, “Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.”
The CBN reassured the public that Nigeria’s financial system remains robust and secure.
