Healthy Financial System: Heritage Bank’s Licence Revoked

As CBN Insists Bank Breached Section 12 (1) Of BOFIA 2020

In a bid to maintain a stable and healthy financial system as authorised under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020, the Central Bank of Nigeria, CBN, has revoked the licence of Heritage Bank Plc with immediate effect.

According to a statement issued by the CBN’s Acting Director, Corporate Communications, Mrs Hakama Sidi Ali, the revocation was executed after Heritage Bank breached Section 12 (1) of BOFIA 2020.

Mrs Ali said, “The bank’s Board and Management failed to improve its financial performance, posing a risk to the financial stability of the country. 

“Despite various supervisory measures taken by the CBN to help the bank recover, Heritage Bank continued to struggle without any reasonable prospects of recovery.”

Meanwhile, to ensure public confidence and integrity of the financial system, the CBN appointed the Nigeria Deposit Insurance Corporation, NDIC, as the Liquidator of Heritage Bank as stipulated in Section 12 (2) of BOFIA 2020.

The Apex Bank reassured the public that Nigeria’s financial system remains robust and secure. 

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