The Central Bank of Nigeria has revoked the banking licence of Heritage Bank Plc, effective immediately.
This decision was made due to Heritage bank’s failure to improve its financial performance, posing a threat to financial stability.
The apex bank’s Acting Director of Corporate Communication Department, Sidi Ali, disclosed this in a statement on Monday.
According to the CBN, the bank’s management has been unable to stem the decline despite various supervisory steps taken by the regulator. With no reasonable prospects of recovery, the CBN has taken this action to protect the financial system and maintain public confidence.
