The Central Bank of Nigeria has revoked Heritage Bank Plc's banking license, which.
This decision, which is effective immediately, was made due to the bank's failure to improve its financial performance, which posed a threat to financial stability.
The apex bank’s Acting Director of Corporate Communication Department, Sidi Ali, disclosed this in a statement on Monday.
According to the CBN, the bank's management has been unable to tackle the decline despite the regulator's many supervisory measures. With no reasonable prospects for recovery, the CBN has taken this move to safeguard the financial system and maintain the confidence of the public.
“The Nigerian financial system remains on a solid footing.
“We are committed to ensuring the safety and soundness of our financial system, and this action reflects that commitment,” a part of the statement read.
The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as Heritage Bank's liquidator under the Banks and Other Financial Act 2020.
