The Central Bank of Nigeria (CBN), Monday revoked the banking licence of Heritage Bank Plc with immediate effect.
A statement by the Ag. Director, Corporate Communications of the Apex bank, Hakama Ali, on Monday, said the move was under 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.
According to Ali, the bank had breached Section 12 (1) of BOFIA, 2020, adding that 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.
