The Central Bank of Nigeria (CBN) has taken drastic action against Heritage Bank Plc, revoking its license with immediate effect. This decisive move comes after the bank’s persistent failure to improve its financial performance, despite numerous supervisory measures implemented by the CBN.
According to the CBN, Heritage Bank’s Board and Management failed to address the bank’s declining financial health, posing a significant threat to the stability of the entire financial system. As a result, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of the bank.
This development is a clear indication of the CBN’s commitment to maintaining the highest standards of financial regulation and protecting the interests of depositors and the wider financial community.
