The CBN had on Monday, June 3, 2024 announced the revocation of the license of the bank 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.” The CBN stated in a press statement.
Consequently, the NDIC had announced plans to pay out insured deposit within one week. According to the Managing Director and Chief Executive of the corporation, Mr. Bello Hassan, 2.3 million depositors of Heritage Bank are to be paid approximately N650 billion.
