The Central Bank of Nigeria (CBN), on Monday revoked the operational licence of Heritage Bank Plc with immediate effect.
The Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, confirmed this in a statement.
According to her, the CBN took the decision 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.
The apex bank said 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.
“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.” Sidi Ali stated