Heritage Bank Plc’s licence has been immediately revoked by the Central Bank of Nigeria (CBN).
The stated purpose of this decision was to uphold a sound and steady financial system, in accordance with Section 12 of the 2020 Banks and Other Financial Institutions Act (BOFIA).
The CBN’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, stated in a statement that Heritage Bank’s violation of Section 12 (1) of BOFIA 2020 led to the revocation.
“The country’s financial stability is at stake since the bank’s Board and Management failed to enhance its financial performance.
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The CBN implemented a number of regulatory measures to aid in Heritage Bank’s rehabilitation, but the bank persisted in its difficulties and had no realistic chance of turning around, according to the top bank.
As required by Section 12(2) of BOFIA 2020, the CBN designated the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator of Heritage Bank in order to preserve public trust and the integrity of the financial system.
The public was reassured by the CBN that Nigeria’s financial system is still strong and safe.
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