BREAKING: CBN REVOKES HERITAGE BANK’S OPERATING LICENSE
The Central Bank of Nigeria (CBN) has revoked Heritage Bank’s operating license.
The Acting Director, Corporate Communications, CBN, Hakama Sidi Ali, disclosed this in a statement.
She said, āThe Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the license of Heritage Bank Plc with immediate effect.
āThis action has become necessary due to the bankās breach of Section 12 (1) of BOFIA, 2020.
āThe Board and Management of the bank have not been able to improve the bankās financial performance, a situation which constitutes a threat to financial stability.
ā¦gives reasons
āThis follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.
āRegrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.
āConsequently, the CBN has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.
āThe Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the liquidator of the bank in accordance with Section 12(2) of BOFIA, 2020.
āWe wish to assure the public that the Nigerian financial system remains on a solid footing. The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system.ā
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