With immediate effect, Heritage Bank Plc’s operating licence has been revoked by the Central Bank of Nigeria (CBN).
Following the bank’s violation of Section 12 (1) of the Banks and Other Financial Act (BOFIA) 2020, this judgement was made in accordance with Section 12 of the BOFIA 2020.
As to the CBN, the action has become imperative because of the bank’s violation of BOFIA, 2020’s Section 12 (1). The inability of Heritage Bank’s Board and Management to enhance the bank’s financial performance presents a risk to the stability of the financial system.
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The bank continued to worsen with little realistic chance of recovery, despite the CBN imposing a number of supervisory steps to address the downturn.
As per Section 12(2) of BOFIA, 2020, the Nigeria Deposit Insurance Corporation (NDIC) has been designated as the bank’s liquidator with the aim of upholding public trust and guaranteeing the stability of the financial system.
The public was reassured by CBN’s acting director of corporate communications, Hakama Sidi Ali, that the Nigerian financial system is still stable and that the central bank is still dedicated to maintaining its safety and soundness.
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