Central Bank of Nigeria Revokes Heritage Bank’s Banking License

The Central Bank of Nigeria (CBN) has revoked Heritage Bank Plc’s banking license with immediate effect to uphold financial stability in Nigeria as authorized by Section 12 of the Banks and Other Financial Act (BOFIA) 2020.

The bank’s failure to boost financial performance has led to this decision, posing a risk to financial stability. This measure by the CBN aims to bolster public trust in the banking sector and safeguard the integrity of the financial system.

Hakama Sidi, the bank’s Ag. Director of Corporate Communications, confirmed this action in a statement emphasizing the importance of reinforcing public confidence and ensuring financial system safety.

The Nigeria Deposit Insurance Corporation (NDIC) is designated as the bank’s Liquidator following BOFIA 2020 Section 12(2). The CBN reassures the public of the resilience of Nigeria’s financial system and its commitment to maintaining its stability and safety.