June 3, 2024 – Abuja
In a decisive move to uphold the integrity of Nigeria’s financial system, the Central Bank of Nigeria (CBN) has revoked the banking license of Heritage Bank Plc. The revocation, effective immediately, is pursuant to Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The CBN’s decision stems from Heritage Bank’s ongoing failure to comply with financial regulations, specifically Section 12 (1) of BOFIA, 2020. Despite extensive engagement and supervisory measures by the CBN, Heritage Bank has been unable to improve its financial performance, posing a significant threat to the stability of the nation’s financial system.
“This action is necessary to bolster public confidence in the banking sector and ensure the continued soundness of our financial system,” stated Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN.
The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of Heritage Bank, as per Section 12 (2) of BOFIA, 2020. The CBN assures the public that the Nigerian financial system remains robust and secure, and this measure underscores their commitment to maintaining financial stability.
For further information, visit www.cbn.gov.ng.
