HomeBusinessCBN revokes Heritage Bank's licence over financial instability

CBN revokes Heritage Bank’s licence over financial instability

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The Central Bank of Nigeria (CBN) on Monday announced the immediate revocation of Heritage Bank Plc’s licence, citing the bank’s failure to improve its financial performance despite regulatory interventions.

According to a statement signed by Hakama Ali, CBN’s acting director of corporate communications, the bank’s breach of Section 12(1) of the Banks and Other Financial Act (BOFIA) 2020 led to the revocation. Despite efforts by the CBN to stem the decline, Heritage Bank’s financial performance remained unsatisfactory, posing a threat to financial stability it reads.

Read Also: Heritage bank reassures customers as concern mounts

The CBN appointed the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator of the bank, assuring the public that the financial system remains stable and sound. This action demonstrates the CBN’s commitment to ensuring the safety and soundness of Nigeria’s financial system.

According to the statement, the revocation of Heritage Bank’s licence is a significant development in the Nigerian banking sector, highlighting the CBN’s resolve to maintain a sound financial system.

The move is expected to strengthen public confidence in the banking system and ensure that financial institutions operate within the bounds of regulatory requirements.

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