JUST IN: Heritage Bank License Revoked by CBN

The Central Bank of Nigeria (CBN) has taken the unprecedented step of revoking the license of Heritage Bank Plc, effective immediately. This decisive action, according to the CBN, is aimed at safeguarding the stability and health of the financial sector, as mandated by Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN, released a statement confirming the revocation. The decision, she explained, was made after Heritage Bank violated Section 12 (1) of BOFIA 2020, failing to address its financial performance adequately.

According to the CBN, despite repeated efforts to assist Heritage Bank in improving its financial standing, the institution continued to falter without showing signs of recovery. This posed a significant risk to the nation’s financial stability, compelling the apex bank to take decisive action.

To uphold public confidence and maintain the integrity of the financial system, the CBN has appointed the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator of Heritage Bank, in accordance with Section 12 (2) of BOFIA 2020.

While this development may raise concerns, the CBN reassures the public that Nigeria’s financial system remains resilient and secure.