The Central Bank of Nigeria (CBN) has revoked the banking license of Heritage Bank Plc, effective immediately. According to a statement by the CBN’s Acting Director of Corporate Communications, the decision was made to maintain a stable financial system in Nigeria, as mandated by the Banks and Other Financial Act (BOFIA) 2020.
The CBN stated that Heritage Bank had failed to improve its financial performance despite supervisory efforts, posing a threat to financial stability. After exhausting all options, the CBN revoked the license to protect public confidence in the banking system. The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the bank’s liquidator.
The CBN reassured the public that the financial system remains stable and that this action demonstrates their commitment to ensuring its safety and soundness.
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