The Central Bank of Nigeria has revoked the banking license of Heritage Bank.
This comes following a report that officials from the Nigeria Deposit Insurance Corporation had visited the bank.
“In accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Institutions Act, the Central Bank hereby revokes the licence of Heritage Bank Plc,” stated the CBN.
The revocation was deemed necessary due to the bank’s breach of Section 21(1) of BOFIA 2020.
The statement further explained that the Board and management of Heritage Bank had failed to improve its financial performance, posing a threat to financial stability.
Heritage Bank’s financial struggles have been well-documented, and the NDIC officials’ visit on Monday morning indicated that a takeover was imminent.
