The Central Bank of Nigeria (CBN), on Monday, announced the immediate revocation of Heritage Bank’s licence due to its failure to improve its financial performance, posing a threat to financial stability.
According to a statement by CBN’s spokesperson, Mrs. Hakama Sidi Ali, the apex bank exercised its regulatory powers to shut down the bank, citing Section 12 (1) of BOFIA, 2020.
Despite CBN’s supervisory efforts, the bank’s financial performance continued to deteriorate, leaving no reasonable prospects of recovery. The revocation aims to maintain public confidence in the banking system and ensure the soundness of Nigeria’s financial system.
The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the Liquidator of the bank, as stipulated in Section 12 (2) of BOFIA, 2020.
The CBN reassures the public that the Nigerian financial system remains stable, and this action demonstrates their commitment to ensuring the safety and soundness of the financial system.
