CBN revokes Heritage Bank licence for poor financial performance

The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank PLC with immediate effect.

The apex bank said the decision was to maintain a stable and healthy financial system as authorized under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

A statement from the CBN signed by Mrs. Hakama Sidi Ali, Acting Director, Corporate Communications, said the revocation was executed after Heritage Bank breached Section 12 (1) of BOFIA 2020.

According to the CBN: “The bank’s Board and Management failed to improve its financial performance, posing a risk to the financial stability of the country.

“Despite various supervisory measures taken by the CBN to help the bank recover, Heritage Bank continued to struggle without any reasonable prospects of recovery.”

The CBN appointed the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator of Heritage Bank as stipulated in Section 12 (2) of BOFIA 2020 to ensure public confidence and integrity of the financial system.

The CBN reassured the public that Nigeria’s financial system remained robust and secure.