CBN revokes Heritage Bank’s licence

The Central Bank of Nigeria (CBN) on Monday, announced that it has revoked the banking licence of Heritage Bank Plc, effective immediately.

This is due to the bank’s failure to improve its financial performance, which poses a threat to financial stability.

CBN’s Acting Director of Corporate Communication Department, Sidi Ali, disclosed this in a statement on Monday.

According to the apex bank, Heritage 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 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,” the statement added.

The Nigeria Deposit Insurance Corporation has been appointed as the liquidator of Heritage Bank, following the Banks and Other Financial Act 2020.