CBN revokes Heritage Bank's License over poor financial performance

Heritage Bank Plc's license has been revoked by the Central Bank of Nigeria (CBN), the revocation takes immediate effect according to the Apex bank.

This development was confirmed by TrendscopeNews.com in a report monitored on thenationonlineng.net.

The stated purpose of this decision was to uphold a sound and steady financial system, in accordance with Section 12 of the 2020 Banks and Other Financial Institutions Act (BOFIA).

The revocation was carried out as a result of Heritage Bank's violation of Section 12(1) of BOFIA 20, according to a statement from the CBN made by Mrs. Hakama Sidi Ali, Acting Director, Corporate Communications.

"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," the apex bank stated.

As required by Section 12(2) of BOFIA 2020, the CBN designated the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator of Heritage Bank in order to preserve public trust and the integrity of the financial system.

The public was reassured by the CBN that Nigeria's financial system is still strong and safe.

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 20.

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

The CBN reassured the public that Nigeria's financial system remains robust and secure.

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