The Central Bank of Nigeria (CBN) has taken the decisive step of revoking the banking license of Heritage Bank Plc, citing concerns over the institution’s financial performance, effective immediately.
In an official statement released by the CBN’s Acting Director of Corporate Communication Department, Sidi Ali, on Monday, it was revealed that despite numerous supervisory interventions, Heritage Bank’s management failed to reverse its financial decline, prompting the regulatory action to safeguard the stability of the financial sector.
The decision, made under the authority granted by the Banks and Other Financial Act 2020, appoints the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator for Heritage Bank.
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This move, aimed at ensuring the continued stability of the financial system and protecting depositors’ interests, underscores the CBN’s commitment to maintaining confidence in Nigeria’s banking sector.
The statement reassured the public that while Heritage Bank’s license revocation is a significant step, the overall health of the financial system remains robust, with measures in place to uphold its integrity.
In adherence to its mandate to promote a sound financial environment, the CBN emphasized its determination to take necessary actions to uphold the safety and stability of Nigeria’s financial system, ensuring continued trust and reliability.
