The Central Bank of Nigeria (CBN) has revoked the licence of Heritage Bank Plc with immediate effect.
This is according to a statement from the Acting Director, Corporate Communications at the CBN, Mrs Hakama Sidi Ali on Monday.
The statement read: "The Central Bank of Nigeria (CBN), in accordance with its mandate to promote a sound financial system in Nigeria and in the 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."
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