CBN Terminates License Of Well-Known Commercial Bank
The Central Bank of Nigeria (CBN) has revoked the operating license of Heritage Bank, a notable commercial bank in the country.
This is announced on Monday, June 3, by Hakama Sidi Ali, Acting Director of Corporate Communications at the CBN……
Ali explained that the decision aligns with the CBN’s responsibility to maintain a stable financial system in Nigeria, utilizing its authority under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.
The revocation was necessary due to Heritage Bank’s violation of Section 12 (1) of BOFIA, 2020.
The bank’s Board and Management failed to improve its financial performance, posing a threat to financial stability. Despite CBN’s supervisory measures to curb the decline, the bank continued to struggle with no reasonable prospects of recovery, making the license revocation a necessary step.
Ali stated, “This action strengthens public confidence in the banking system and ensures the soundness of our financial system is not impaired.
“The Nigeria Deposit Insurance Corporation (NDIC) is appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.”
She assured the public that the Nigerian financial system remains robust and that this action underscores the CBN’s commitment to ensuring the safety and soundness of the financial system.
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