CBN Revokes Heritage Bank's License

The Central Bank of Nigeria (CBN) has announced the immediate revocation of Heritage Bank Plc’s license on Monday. This decision aligns with the CBN’s responsibility to uphold a stable financial system in Nigeria and is exercised under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.

The CBN stated that this measure was necessary due to Heritage Bank’s violation of Section 12 (1) of BOFIA, 2020. The apex bank expressed concern over the bank’s Board and Management’s inability to enhance the institution’s financial performance, posing a risk to financial stability.

Following unsuccessful attempts to address the bank’s financial challenges through supervisory measures, the CBN disclosed that the bank’s continuous decline indicated no prospects for recovery. Consequently, the revocation of the bank’s license was deemed imperative to maintain public confidence in the banking sector and safeguard the integrity of Nigeria’s financial system.

In compliance with Section 12 (2) of BOFIA, 2020, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the bank’s liquidator. The CBN reassured the public of the solidity of Nigeria’s financial system and reiterated its commitment to taking essential actions to ensure its safety and stability.