The Central Bank of Nigeria (CBN) has revoked the operating license of Heritage Bank Plc with immediate effect.
This decision was taken under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, following the bank’s breach of Section 12 (1) of BOFIA, 2020.
According to the CBN, the action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The Board and Management of Heritage Bank failed to improve the bank’s financial performance, posing a threat to financial stability.
Despite various supervisory measures prescribed by the CBN to address the decline, the bank continued to deteriorate with no reasonable prospects of recovery.
In a bid to maintain public confidence and ensure the soundness of the financial system, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.
Hakama Sidi Ali, the Acting Director of Corporate Communications at CBN, reassured the public that the Nigerian financial system remains solid and that the CBN remains committed to ensuring its safety and soundness.
Awaiting more info…
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