The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect.
This decision was announced in a statement by the Acting Director of Corporate Communications, Hakama Sidi Ali.
“The action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability,” the statement read.
The CBN explained that this step was taken after the bank failed to recover despite various supervisory measures prescribed by the apex bank to halt its decline.
The Central Bank emphasized that the move aims to strengthen public confidence in the banking system and ensure the soundness of the financial sector.
The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of the bank, in accordance with Section 12 (2) of BOFIA, 2020.
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