Heritage Bank Plc has had its banking license revoked by the Central Bank of Nigeria (CBN) with immediate effect.
The decision, announced by Hakama Ali, the Acting Director of Corporate Communications at the CBN, on Monday, June 3, 2024, comes as a result of the bank’s failure to meet financial performance standards outlined in the Banks and Other Financial Institutions Act (BOFIA) 2020.
According to Ali, Heritage Bank breached Section 12(1) of BOFIA 2020, and despite efforts by the CBN to help the bank improve, its financial situation continued to deteriorate.
The CBN’s move is aimed at safeguarding the stability of Nigeria’s financial system and restoring public confidence.
In response to the revocation, the CBN has appointed the Nigeria Deposit Insurance Corporation (NDIC) as the bank’s liquidator under Section 12(2) of BOFIA 2020.
The CBN reassures the public that despite this development, Nigeria’s financial system remains robust and secure.
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