The Central Bank of Nigeria (CBN), has wielded its big stick on the Heritage Bank Plc, withdrawing its operational licence with immediate effect for poor performance.
The apex Bank’s Acting Director of Corporate Communications, Mrs. Hakama Sidi Ali, in a statement today, June 3, said that the decision to revoke the Bank’s license was taken in accordance with the CBN mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 (1l of the Banks and Other Financial Act (BOFIA) 2020.
She said that the Board and Management of the affected bank were adjudged not able to improve the bank’s financial performance, a situation which the apex Bank viewed as constituting a threat to financial stability.
“This followed a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.”
Hakama Sidi Ali said: “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.”
