Heritage Bank Loses Operational License

The Central Bank of Nigeria (CBN) has revoked the operating license of Heritage Bank Plc, effective immediately.

The CBN took this action due to the bank’s violation of Section 12(1) of the Banks and Other Financial Institutions Act (BOFIA), 2020, and its failure to improve its financial performance, which poses a threat to financial stability.

According to CBN spokesperson, Hakama Ali, the bank’s condition has deteriorated despite regulatory efforts to address the issues.

The CBN has appointed the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator of the bank, as stipulated in Section 12(2) of BOFIA, 2020.

The CBN emphasized that this decision aims to maintain public confidence in the banking system and ensure the soundness of the financial system.

The regulator reassured the public that the Nigerian financial system remains stable, and this action demonstrates their commitment to ensuring its safety and soundness.

This development comes as a significant move by the CBN to strengthen the banking sector and protect depositors’ interests.

The public has been assured that the financial system remains robust, and this action will not disrupt its stability.