Just In:CBN Pulls Plug on Heritage Bank, Revokes Licence

CBN Pulls Plug on Heritage Bank, Revokes Licence

Eaglessightnews reports that In a move aimed at safeguarding the nation’s financial stability, the Central Bank of Nigeria (CBN) has revoked the operating licence of Heritage Bank Plc, effective immediately.

According to sources, the CBN took the drastic measure following the bank’s consistent failure to improve its financial performance, despite regulatory interventions. This breach of banking regulations, coupled with the bank’s bleak prospects for recovery, prompted the CBN to withdraw its licence.

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The apex bank, in a statement, explained that the revocation was necessary to maintain public trust in the banking system and prevent any potential harm to the financial sector. The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of Heritage Bank, as stipulated in the Banks and Other Financial Act (BOFIA) 2020.

The CBN has reassured the public that the nation’s financial system remains robust and that this decision demonstrates their unwavering commitment to ensuring its stability and soundness.

Stay tuned for further updates as this story unfolds.