CBN revokes licence of Heritage Bank, NDIC to take over
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. 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 solidfooting. The action we are taking today reflects our continued commitment to take all necessaryeps to ensure the safety and soundness of our financial system.
Hakama Sidi Ali (Mrs.)
Ag.Director,Corporate Communications
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
States
Independence: NBA urges Nigerians to expect better future
The NBA said that ordinary Nigerians should be deriving benefit from the subsidy removal rather than hardship.
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Politics
2027: NDC to inaugurate presidential council October 20
The chairman said the party was taking time to make appropriate appointments to avoid disagreements that could disrupt its campaigns.
World
About one million without electricity after hurricane makes landfall in Florida
Isaias peaked as a category three hurricane, with heavy rain and powerful winds, but has since been downgraded.
Lagos
Lagos targets 3,000MW electricity supply by March 2027
Mr Sanwo-Olu said the initiative is part of efforts to end blackouts and build a 24-hour power economy in the state.
Politics
Nigeria at its best in 12 years; no govt has built infrastructure like my husband’s, says Remi Tinubu
Mrs Tinubu also cited the administration’s food support programme, saying it was designed to provide nutritious food for children.
States
Turkish Airlines increases Lagos flights from seven to 10 weekly
The statement added that the increase was aimed at meeting the growing travel demand between Nigeria and Türkiye.
States
Gov Yusuf condoles victims of bandit attack in Kano
Mr Yusuf assured residents that the state government was intensifying efforts to strengthen security through collaboration with relevant security agencies.
