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Economy

BREAKING: CBN Withdraws Heritage Bank License

The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc effective immediately. This action aims to ensure a stable and healthy financial system as authorized under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

According to a statement by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, the license was revoked following Heritage Bank’s violation of Section 12 (1) of BOFIA 2020.

“The bank’s Board and Management failed to enhance its financial performance, posing a threat to the country’s financial stability. Despite various supervisory measures implemented by the CBN, Heritage Bank continued to struggle with no reasonable prospects of recovery,” stated the apex bank.

To maintain public confidence and uphold the integrity of the financial system, the CBN has appointed the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator of Heritage Bank, as provided under Section 12 (2) of BOFIA 2020.

The CBN reassured the public that Nigeria’s financial system remains strong and secure.

More details to follow…

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