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, “The 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.
‘This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020.
“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.
…gives reasons
“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.
“Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.
“Consequently, 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.
“The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the liquidator of the bank in accordance with Section 12(2) of BOFIA, 2020.
“We 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.”
More Stories
BREAKING: FG TO BACKDATE MINIMUM WAGE IMPLEMENTATION TO JULY 29
According to the agreement reached by the Committee on Consequential Adjustments in Salaries for civil servants, the new minimum wage...
(JUST IN) EDO 2024: ACCORD PARTY CANDIDATE, IYERE WITHDRAWS, ENABULELE NOMINATED AS NEW CANDIDATE
Barely 24 hours before the Edo State governorship election, the governorship candidate of the Accord Party (AP), Kennedy Iyere has...
EDO POLL: MERCY JOHNSON’S HUSBAND ESCAPES ASSASSINATION ATTEMPT
Security personnel foiled an assassination attempt by armed men suspected to be political thugs on a federal lawmaker representing the...
LSCPWB DISTRIBUTES WELFARE MATERIALS TO INTENDING PILGRIMS
In preparation for the year 2024 pilgrimage exercise to the Holy Lands of Israel and Jordan, the Lagos State Christian...
LASODA ADVOCATES COLLECTIVE ACTION AGAINST SGBV IN LAGOS
The General Manager of the Lagos State Office for Disability Affairs (LASODA), Mrs. Adenike Oyetunde-Lawal has advocated collective action in...
LAGOS GOVT PRIORITISES ENVIRONMENTAL CLEANLINESS, URGES RESIDENTS TO TAKE ACTION
… As State Celebrates Year 2024 World Clean-Up Day The Lagos State Government on Thursday urged residents, market men and...