The Central Bank of Nigeria (CBN) has announced the revocation of Heritage Bank PLC’s banking license immediately. The license revocation comes as a result of the bank’s prolonged inability to improve its financial performance, posing a significant threat to financial stability.
According to the CBN, Heritage Bank breached Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2020. Despite extensive supervisory efforts by the CBN to address the bank’s issues, Heritage Bank has shown no reasonable prospects of recovery. The Board and Management’s failure to stabilize the bank necessitated the revocation to protect public confidence and the integrity of Nigeria’s financial system.
“The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system,” said Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN.
Overtime, customers of the bank have lodged different complaints of poor banking experiences both online and offline thus leaving majority of the bank’s account owners financially stranded at different times.
In line with this decision, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of Heritage Bank PLC, as stipulated under Section 12 (2) of BOFIA 2020. This move is intended to ensure a structured and efficient process in addressing the bank’s obligations and protecting depositors.
Heritage Bank customers and stakeholders are advised to stay informed through official channels for further updates on this development.
