CBN Revokes Heritage Bank’s License

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Abuja, June 3, 2024 – The Central Bank of Nigeria (CBN) has announced the immediate revocation of Heritage Bank Plc’s banking license. This decisive move comes in response to the bank’s continued poor financial performance, which has been deemed a threat to the stability of Nigeria’s financial system.

In a statement released on Monday, Sidi Ali, the Acting Director of the Corporate Communication Department at the CBN, explained that despite numerous supervisory measures, Heritage Bank’s management failed to reverse the declining trend. “The bank’s management has been unable to stem the decline despite various supervisory steps taken by the regulator. With no reasonable prospects of recovery, the CBN has taken this action to protect the financial system and maintain public confidence,” the statement read.

The CBN emphasized its dedication to maintaining a robust and secure financial environment in Nigeria. “The Nigerian financial system remains on a solid footing. We are committed to ensuring the safety and soundness of our financial system, and this action reflects that commitment,” Ali added.

Following the revocation, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of Heritage Bank, in accordance with the Banks and Other Financial Act 2020. This appointment aims to manage the bank’s assets and liabilities efficiently and ensure minimal disruption to the financial system.

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