The license of Heritage Bank Plc has been revoked by the Central Bank of Nigeria (CBN) with immediate effect.
This information was released in a statement on Monday by Mrs Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN. The statement stated: “The Central Bank of Nigeria (CBN), in accordance with its mandate to promote a sound financial system in Nigeria and in the exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.
“This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.”