The Nation Newspaper BREAKING: CBN revokes Heritage Bank license
This decision, it said, was to maintain a stable and healthy financial system as authorised under Section 12 of the Banks and Other Financial Institutions Act 2020.
“The bank’s Board and Management failed to improve its financial performance, posing a risk to the financial stability of the country. Despite various supervisory measures taken by the CBN to help the bank recover, Heritage Bank continued to struggle without any reasonable prospects of recovery,” the apex bank stated.
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