CBN revokes Heritage Bank license, allays fears

The Central Bank of Nigeria (CBN) has revoked Heritage Bank Plc license and appointed Nigeria Deposit Insurance Corporation (NDIC) to takeover its operation.

The Nation(online) said apex Bank’s move is to ensure public confidence and integrity of the financial system through NDIC – Liquidator of Heritage Bank as stipulated in Section 12 (2) of BOFIA 2020.

The Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali in a statement on Monday, said the revocation order is with immediate effect.

The revocation was executed after Heritage Bank breached Section 12 (1) of BOFIA 2020, the apex Bank, said while reassuring the public that Nigeria’s financial system remains robust and secure.

“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”, CBN said.



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