Central Bank of Nigeria revokes Heritage Bank license due to financial performance issues and BOFIA breaches.

The Central Bank of Nigeria (CBN) has revoked the banking license of Heritage Bank Plc, citing the bank's inability to improve its financial performance, which constitutes a threat to financial stability. The CBN's action follows the continuous breach of the Banks and Other Financial Institution Act (BOFIA) 2020 by the bank's management. The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of Heritage Bank.

June 03, 2024
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