BREAKING: CBN revokes Heritage Bank’s licence

• This decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability.

The Central Bank of Nigeria (CBN), Monday, announced the revocation of the operating licence of Heritage Bank Plc with immediate effect.

In a statement issued by CBN acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, the apex bank said the move was in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 (1l of the Banks and Other Financial Act (BOFIA) 2020.

READ ALSO

• Phyna Detained at Abuja Hotel Over ₦3.5 Million Damage After Fight
• Manchester United End Anfield Drought with 2–1 Win Over Liverpool
• Tottenham 1–2 Aston Villa: Buendia Strikes Late as Villa Climb into Premier League Top Half
• Ned Nwoko Gives Reason for Clash with Regina Daniels
• Odumodublvck Faces Off with Blaqbonez’s Manager as Nigerian Rap Feud Escalates

The central bank pointed out that the Board and Management of the bank had not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

This followed a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.

Sidi Ali said, “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.”