Heritage Bank Plc revokes banking license by CBN
CBN Revokes Heritage Bank’s License
Key Points:
- The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc under Section 12 of the Banks and Other Financial Act (BOFIA) 2020.
- The revocation, effective immediately, follows the bank’s breach of Section 12 (1) of BOFIA 2020 and its failure to improve financial performance despite CBN’s interventions.
- The CBN engaged with the bank and prescribed various supervisory steps, but Heritage Bank continued to suffer with no prospects of recovery.
- The revocation aims to strengthen public confidence in the banking system and maintain financial stability.
- The Nigeria Deposit Insurance Corporation (NDIC) is appointed as the liquidator in accordance with BOFIA 2020.
- The CBN reassures the public of the Nigerian financial system’s solid footing and its commitment to ensuring safety and soundness .
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