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Saturday, June 22, 2024
Home Business CBN REVOKES HERITAGE BANK PLC LICENCE.

CBN REVOKES HERITAGE BANK PLC LICENCE.

The Central Bank of Nigeria has revoked the banking licence of Heritage Bank Plc, effective immediately.
This decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability.
The apex bank’s Acting Director of Corporate Communication Department, Sidi Ali, disclosed this in a statement.
According to the CBN,” the bank’s management has been unable to stem the decline despite various supervisory steps taken by the regulator. With no reasonable prospects of recovery, the CBN has taken this action to protect the financial system and maintain public confidence.
The Nigerian financial system remains on a solid footing”
 She says, the Apex bank is  committed to ensuring the safety and soundness of the financial system.
Adding that, The Nigeria Deposit Insurance Corporation has been appointed as the liquidator of Heritage Bank, following The Banks and Other Financial Act 2020.
This move is seen as a significant step by the CBN to maintain the stability of the financial system and protect depositors’ funds. The public has been assured that the revocation of Heritage Bank’s license will not impact the overall health of the financial system.
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