The Central Bank of Nigeria (CBN) has revoked the licence of Heritage Bank Plc with immediate effect.
Hakama Sidi Ali, Acting Director, Corporate Communication at the apex bank, announced this in a statement today.
Ali said the action became necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020.
She explained that the Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.
She also noted that 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.
She said the Nigeria Deposit Insurance Corporation (NDIC) had been appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.
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