Abuja, Nigeria – June 3rd, 2024 – Nigeria’s central bank, the Central Bank of Nigeria (CBN), revoked the operating license of Heritage Bank Plc today, citing repeated breaches of banking regulations.
In a statement, the CBN expressed regret over the action but deemed it necessary due to the bank’s continued financial struggles and lack of a clear path to recovery. The regulator had previously engaged with Heritage Bank, outlining supervisory measures to address its declining performance. However, these efforts proved unsuccessful.
“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,” the CBN stated.
The CBN has appointed the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator for Heritage Bank. This ensures an orderly wind-down of the bank’s operations and protects depositors’ insured funds.
