The Central Bank of Nigeria (CBN) has announced the immediate revocation of Heritage Bank Plc’s operating license due to the bank’s failure to improve its financial performance, posing a threat to financial stability.
In a statement released by the CBN’s Acting Director of Corporate Communication Department, Sidi Ali, it was highlighted that despite various supervisory steps taken by the regulator, Heritage Bank’s management was unable to reverse the decline in its financial performance.
With no prospects of recovery in sight, the CBN took this decisive action to safeguard the financial system and maintain public confidence.
Ali emphasized that the Nigerian financial system remains strong and stable, with the CBN committed to ensuring its safety and soundness. The revocation of Heritage Bank’s license is a necessary step to protect depositors’ funds and uphold the stability of the financial system.
The CBN’s decision to appoint the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator of Heritage Bank underlines its dedication to maintaining the integrity of the banking sector.
This move is aimed at strengthening public confidence in the financial system and preventing any potential risks to financial stability.
The statement concluded by reassuring the public that the Nigerian financial system is secure and that the CBN will continue to take all necessary measures to uphold its stability and soundness.
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