By John Obi
In a bid to maintain a stable and healthy financial system as authorised under Section 12 of the Banks and Other Financial Institutions Act ( BOFIA) 2020, the Central Bank of Nigeria CBN has revoked the operational licence of Heritage Bank with immediate effect.
According to a statement signed by Mrs Hakama Sidi Ali, Acting Director, Corporate Communications, the revocation was executed after Heritage Bank breached Section 12(1) of 2020.
The CBN stated that ” the bank’s Board and Management failed to improve its financial performance,posing a risk to the financial stability of the country.
Despite various supervisory measures taken by the CBN to help the bank recover, Heritage Bank continued to struggle without any reasonable prospects of recovery ‘
