Heritage Bank's Licence Has Been Revoked By CBN.

With immediate effect, Heritage Bank Plc's operating licence has been revoked by the Central Bank of Nigeria (CBN). The decision was made to uphold a sound and stable financial system in accordance with Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020, the top bank stated in a statement issued on Monday, June 3.

The top bank said that the revocation was been out as a result of Heritage Bank's violation of Section 12 (1) of BOFIA 2020 in a statement that was signed by Mrs. Hakama Sidi Ali, Acting Director, Corporate Communications.

“The bank’s Board and Management failed to improve its financial performance, posing a risk to the financial stability of the country. Despite various supervisory measures taken by the CBN to help the bank recover, Heritage Bank continued to struggle without any reasonable prospects of recovery,” said the ruling bank.

The CBN said that it has designated the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator of Heritage Bank in accordance with Section 12(2) of BOFIA 2020 in order to protect public trust and the integrity of the financial system.

The public was reassured by the CBN that Nigeria's financial system is still strong and safe.