The Central Bank of Nigeria (CBN), has revoked the operating banking licence of Heritage bank plc with immediate effect due to the bank’s breach of Section 12 (1) of BOFIA, 2020.
The apex bank in a statement signed by the Acting Director, Corporate Communications Hakama Sidi Ali stated that 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.
It added that following a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. 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.
According to CBN, decision was taken to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.
The apex bank has appointed The Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.
CBN assured the public that the Nigerian financial system remains on a solid footing noting that it is commitment to take all necessary steps to ensure the safety and soundness of the financial system.
