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.
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.”