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CBN Revokes Heritage Bank License Over Poor Financial Performance

Published

7 months ago

June 3, 2024

BREAKING: CBN Revokes Heritage Bank License Over Poor Financial Performance

CBN has revoked Heritage Bank License over poor financial performance.

Newsone Nigeria reports that the Central Bank of Nigeria (CBN) led by Olayemi Cardoso has revoked the license of Heritage Bank Plc with immediate effect.

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This online news platform understands that the CBN decided to revoke Heritage Bank License to maintain a stable and healthy financial system as authorised under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

CBN Acting Director of Corporate Communications, Hakama Sidi Ali, issued a statement that said the revocation was executed after Heritage Bank breached Section 12 (1) of BOFIA 2020.

Newsone reports that the CBN appointed the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator of Heritage Bank as stipulated in Section 12 (2) of BOFIA 2020 to ensure public confidence and integrity of the financial system.

The CBN said, “Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step. Consequently, the CBN has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.

“The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020. We wish to assure the public that the Nigerian financial system remains on a solid footing.

“The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system.”

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