The Acting Director, Corporate Communications, CBN, Hakama Sidi Ali, disclosed this in a statement.
She said: “The Central Bank of Nigeria, CBN, in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.

‘This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020.

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“The Board and Management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability.

… gives reasons
“This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.


“Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.

“Consequently, the CBN has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.

“The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.

“We wish to assure the public that the Nigerian financial system remains on a solid footing. The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system.”

helinues:
Toh

iwaeda:
More unemployment tending to HARDSHIP. Yet some people will be defending this WICKEDNESS.

Remman:
Make una just talk say them don do wetin vex Tinubu or his cabal. If a bank is failing, it's either they merge with or sell to another institution. This one to me never reach wetin them go revoke license. Them must don do something either in the past or present to the finance of somebody in power. Until we hear the other side of the story why this happened i can't take this excuse as the reason for revoking their licence unless they're afraid to speak up and choose to plea, to avoid further victimisations from the CBN.

ALCOHOLKILLS:
wahala for account holder and shareholders

helinues:
Toh

Jogs1900:

If you know heritage Bank, you will know it's empty..A bank that their cheques are not accepted by other banks..No investor will buy it.

Paragon311:
Wow!!! This is seriously serious....

What are the contributions of the board of Directors to the bank that they are not performing very well??

The bank traces its roots to the late 1970s, when it was founded as Societe Generale Bank (Nigeria), by the late Dr. Olusola Saraki. In January 2006, the Central Bank closed down Societe Generale on account of failure to meet new minimum capital requirements of US$155 million (NGN:25 billion) for a National Bank. Societe Generale successfully challenged the closure in court. In December 2012, the Central Bank re-issued Societe Generale's banking license, but as a regional bank. Having acquired the banking license, the new ownership re-branded the bank as Heritage Banking Company Limited and opened for business under the new name on 4 March 2013.

In October 2014, Heritage Banking Company Ltd successfully met the requirements of the Asset Management Corporation of Nigeria (AMCON) and the Central Bank of Nigeria toward owning 100% shares in Enterprise Bank Ltd.

On 27 January 2015, AMCON officially transferred ownership of Enterprise Bank Ltd to Heritage Bank Plc.

Remman:
Do you know what led to that? When someone is out to deal with your business legally he first devalues it before descending on you with the approval of your disgrunted customers.