The Central Bank of Nigeria (CBN) has taken the decision to revoke the operating license of Heritage Bank. This decision was announced by Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN.
Ali stated, “The CBN, in line with its responsibility to maintain a stable financial system in Nigeria and exercising its authority under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, has revoked the license of Heritage Bank Plc with immediate effect.
“This action was necessitated by the bank’s violation of Section 12 (1) of BOFIA, 2020.
“The bank’s financial performance has not shown improvement under the leadership of its Board and Management, posing a risk to financial stability.
“Despite engagement and directives from the CBN to rectify the situation, the bank has not shown signs of recovery, leading to the necessary step of license revocation.
“As a result, the CBN has taken this measure to enhance public trust in the banking sector and safeguard the stability of our financial system.
“The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the Liquidator of the bank as outlined in Section 12 (2) of BOFIA, 2020.
“We want to reassure the public that Nigeria’s financial system remains robust. Today’s action underscores our commitment to taking all essential measures to ensure the safety and strength of our financial sector.”
