In a decisive move aimed at safeguarding the integrity of Nigeria’s financial system, the Central Bank of Nigeria (CBN) has revoked the banking license of Heritage Bank Plc with immediate effect.
The action, executed under the authority vested in the CBN by Section 12 of the Banks and Other Financial Act (BOFIA) 2020, underscores the regulator’s commitment to maintaining a robust and stable financial environment in the country.
Advertorial
According to a statement signed by Hakama Sidi, the bank’s Ag. Director of Corporate Communications, the decision to revoke Heritage Bank’s license “was necessitated by the bank’s failure to comply with Section 12 (1) of BOFIA 2020.”
“Despite various supervisory measures prescribed by the CBN to address the bank’s financial challenges, Heritage Bank’s performance continued to deteriorate, posing a significant threat to financial stability.”
“Regrettably, the bank’s persistent decline in performance left the CBN with no choice but to take decisive action to protect public confidence in the banking system. Consequently, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of Heritage Bank in accordance with Section 12 (2) of BOFIA 2020.”
The CBN reassures the public that Nigeria’s financial system remains resilient and robust.
“The regulator remains steadfast in its commitment to upholding the safety and soundness of the nation’s financial institutions.”
