BREAKING: CBN Revokes Heritage Bank License
newtelegraphng.comMar 29, 2024 5:40 AM

The Central Bank of Nigeria (CBN) on Monday announced the revocation of Heritage Bank PLC’s licence, New Telegraph reports.

This was contained in a statement made available to New Telegraph by the Director of Corporate Communications, Hakama Sidi Ali.

The statement reads, “The Central Bank of Nigeria (CBN), in accordance with its mandate to promote a sound financial system in Nigeria and in the 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. 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.

“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.

lies

ALCOHOLKILLS:
lies

very true. Heritage is no more but dont worry NDIC will pay you your money back as long as its less that 5mill

ALCOHOLKILLS:
lies

https://www.cbn.gov.ng/Out/2024/CCD/CBN%20Press%20Release%20Heritage%20030624.pdf

All this grammar kuku tell us the President want heritage bank

Damnnn niggar

Isoright

Wow!!! This is seriously serious....

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

So if they are calling banks… heritage bank will come will come out

If u gwt money there remove am

This should be the first bank to have failed since around 2005 if my memory is correct.

Make I go collect my change o

Na Saraki Tinubu dey tackle so