CBN Revoke Heritage Bank Lincense With Immediate Effect

 

The Central Bank of Nigeria has promptly annulled Heritage Bank Plc's banking permit due to its persistent financial underperformance, which poses a risk to financial stability. Sidi Ali, the apex bank's Acting Director of Corporate Communication Department, revealed this development in a statement issued on Monday. Despite the regulator's various supervisory efforts, the bank's management has failed to reverse the decline in its financial performance. With no foreseeable recovery in sight, the CBN has taken decisive action to safeguard the integrity of the financial system and uphold public trust.

In its commitment to maintaining a robust financial system, the CBN emphasized that the Nigerian financial sector remains stable. The decision to revoke Heritage Bank's license aligns with this commitment and aims to reassure the public of the system's soundness.

The Nigeria Deposit Insurance Corporation has been designated as the liquidator of Heritage Bank in accordance with the Banks and Other Financial Act 2020. This measure underscores the CBN's determination to preserve the stability of the financial system and protect the interests of depositors. Importantly, the public has been assured that the revocation of Heritage Bank's license will not adversely affect the overall health of the financial system.