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The Central Bank of Nigeria (CBN) has announced the revocation of the operating license of Heritage Bank Plc. This decision, effective immediately, was disclosed by Mrs. Hakama Sidi Ali, the Acting Director of Corporate Communications at the CBN.
What led to the revocation?
The CBN’s decision comes after a lengthy period of monitoring and engagement with Heritage Bank. Despite the central bank’s efforts and the prescribed supervisory measures to help the bank, Heritage Bank’s financial performance did not show signs of recovery.
“Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step,” stated Mrs. Sidi Ali.
Why was this necessary?
The revocation aligns with the CBN’s mandate to ensure a sound financial system within Nigeria. Under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, the CBN holds the authority to withdraw a bank’s license if it poses a threat to the financial stability of the economy.
The immediate effect of the license withdrawal raises concerns among the customers of Heritage Bank. The CBN has assured the public that it will provide detailed information on the steps that affected customers should take to protect their interests and financial assets.
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