The Federal Government has revoked the operational license of the Heritage Bank with immediate effect.
The revocation order was contained in a Statement issued by the Central Bank of Nigeria.
The CBN in the statement signed by its Acting Director of Corporate Communication, Haikama Sidi-Ali, said the revocation became necessary following the failure of the management of the bank to improve its financial situation.
The CBN said the bank has also violated section 12 of the Banking and Other Financial Institutions Act 2020 in its operations thereby creating a threat to financial stability.
The bank said the revocation is also taken in part to ensure Financial Sector Stability and customer confidence.
The Heritage Bank according to the CBN has not shown any reasonable sign of recovery despite its engagement with the Management over a period of months to see how this can be done.
The CBN thereby assured investors and the banking public that the Nigerian Financial system is sound and on a solid footing.
The bank also announced the appointment of the Nigerian Deposit Insurance Corporation as the liquidator.
