CBN: Central Bank of Nigeria Revokes Heritage Bank’s License.
The Central Bank of Nigeria has immediately revoked the banking license of Heritage Bank Plc due to its failure to improve financial performance, posing a threat to financial stability.
This decision was communicated by Sidi Ali, the Acting Director of the Corporate Communication Department of the apex bank, in a statement on Monday.
Despite various regulatory interventions, the bank’s management could not reverse the decline. The revocation aims to safeguard the financial system and uphold public trust.
The Nigeria Deposit Insurance Corporation will act as the liquidator in line with the Banks and Other Financial Act 2020.
NDIC
This action underscores the CBN’s commitment to protecting depositors’ funds and ensuring the stability of the financial system, without impacting its overall health.
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