JUST IN: Nigeria’s Central Bank Revokes operating Licence Of Heritage Bank
The Central Bank of Nigeria, CBN, has revoked the banking licence of Heritage Bank Plc with immediate effect.
The CBN in a statement by the bank’s acting Director, Corporate Communications, Hakama Sidi, said the revocation was in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020 and was to promote a sound financial system in the country.
The statement read: “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 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 s
Edo LP Passes Confidence Vote On Abure As Nat’l Chair
Lagos Govt To Generate Power From Solid Waste
N80 Billion Fraud: Court rejects Yahaya Bello’s request to set aside arrest warrant
Follow Us
Categories
- Business
- Corruption
- Crime Watch
- Culture
- Development News
- Document
- Education
- Entertainment
- Exclusive
- Featured
- Finance & Economy
- Foreign News
- Health
- Human Rights & The People
- Infotech
- Investigation
- Judiciary
- Latest News
- Metro News
- News
- Opinion
- Politics
- Promoted
- Security
- Special Reports
- Special Updates
- Sports
- Uncategorized
- Unedited For The Record
- World Conflict & Diplomacy
Tags
Apple Watch 2 Best iPhone 7 deals Buying Guides CES 2017 iOS 10 iPhone 7 Nintendo Switch Playstation 4 Pro Sillicon Valley
Recent News
JUST IN: Nigeria’s Central Bank Revokes operating Licence Of Heritage Bank
JUNE 3, 2024