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BREAKING: CBN revokes operating licence of Heritage Bank


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The Central Financial institution of Nigeria (CBN) has revoked the working licence of Heritage Financial institution.

In a press release issued by CBN appearing Director, Company Communications, Mrs. Hakama Sidi Ali, the apex financial institution stated the transfer was in accordance with its mandate to advertise a sound monetary system in Nigeria and in train of its powers below Part 12 (1l of the Banks and Different Monetary Act (BOFIA) 2020.

The central financial institution identified that the Board and Administration of the financial institution had not been capable of enhance the financial institution’s monetary efficiency, a scenario which constitutes a menace to monetary stability.

This adopted a interval throughout which the CBN engaged with the financial institution and prescribed numerous supervisory steps meant to stem the decline.

Sidi Ali stated; “The Central Financial institution of Nigeria, CBN, in accordance with its mandate to advertise a sound monetary system in Nigeria and in train of its powers below Part 12 of the Banks and Different Monetary Act (BOFIA) 2020, hereby revokes the licence of Heritage Financial institution Plc with rapid impact.

‘This motion has turn into needed as a result of financial institution’s breach of Part 12 (1) of BOFIA, 2020.

“The Board and Administration of the financial institution haven’t been capable of enhance the financial institution’s monetary efficiency, a scenario which constitutes a menace to monetary stability.

“This follows a interval throughout which the CBN engaged with the financial institution and prescribed numerous supervisory steps meant to stem the decline.

“Regrettably, the financial institution has continued to endure and has no affordable prospects of restoration, thereby making the revocation of the license the following needed step.

“Consequently, the CBN has taken this motion to strengthen public confidence within the banking system and be sure that the soundness of our monetary system just isn’t impaired.

“The Nigeria Deposit Insurance coverage Company (NDIC) is hereby appointed because the Liquidator of the financial institution in accordance with Part 12 (2) of BOFIA, 2020.

“We want to guarantee the general public that the Nigerian monetary system stays on a stable footing. The motion we’re taking in the present day displays our continued dedication to take all needed steps to make sure the protection and soundness of our monetary system.”

By RemmyTex

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