BREAKING: CBN Revokes the Banking License of Heritage Bank Plc

The Central Bank of Nigeria (CBN) has reportedly revoked the banking license of Heritage Bank Plc. 

NIGERIA NEWS 247 gathered that, in a press release of Monday, 3rd June 2024 by Ag. Director, Corporate Communications, Hakama Sidi Ali (Mrs.) the Central Bank of Nigeria revoked the banking license of Heritage Bank Plc.

The Central Bank of Nigeria (CBN), said that 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, has revoked 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.

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.

The CBN assured the public that the Nigerian financial system remains on a solid footing. The action they took reflects their continued commitment to take all necessary steps to ensure the safety and soundness of our financial system.