BREAKING: CBN Revokes Heritage Bank’s Operating Licence in Nigeria.

The Central Bank of Nigeria (CBN) has taken a significant step to promote a sound financial system in the country by revoking the banking licence of Heritage Bank Plc with immediate effect.

According to a statement signed by the bank’s Ag. Director, Corporate Communications, Hakama Sidi, the action was taken in accordance with the CBN’s mandate to promote a sound financial system in Nigeria.

The CBN exercised its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020 to revoke the licence of Heritage Bank Plc due to the bank’s breach of Section 12 (1) of BOFIA, 2020.

The statement revealed that the Board and Management of the bank had failed to improve the bank’s financial performance, despite various supervisory steps prescribed by the CBN to stem the decline.

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The CBN had engaged with the bank over a period, but unfortunately, the bank’s financial situation continued to deteriorate, making the revocation of the licence the next necessary step.

The CBN’s action is aimed at strengthening public confidence in the banking system and ensuring that the soundness of the financial system is not impaired.

The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.

The CBN has assured the public that the Nigerian financial system remains on a solid footing, and the action taken against Heritage Bank Plc reflects the CBN’s continued commitment to ensure the safety and soundness of the financial system.

The revocation of Heritage Bank Plc’s licence is a significant development in the Nigerian banking industry, and it highlights the CBN’s resolve to promote a sound financial system in the country.

The CBN’s action is expected to have a positive impact on the banking industry, as it will help to maintain public trust and confidence in the financial system.