In a decisive move aimed at safeguarding Nigeria’s financial system, the Central Bank of Nigeria (CBN) has taken the unprecedented step of revoking the licence of Heritage Bank Plc.
Acting Director of Corporate Communications at the CBN, Mrs. Hakama Sidi Ali, announced the decision on Monday, citing the bank’s failure to meet regulatory standards and its inability to improve its financial performance as key factors.
According to Mrs. Ali, the revocation of Heritage Bank’s license comes under the authority granted to the CBN by Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
This action underscores the CBN’s commitment to promoting stability and integrity within Nigeria’s banking sector.
“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,” the statement from the CBN highlighted.
This development serves as a stark reminder of the stringent regulatory environment in which financial institutions operate and the imperative for banks to adhere to established guidelines to maintain the confidence of depositors and investors alike.
