The Central Bank of Nigeria (CBN) has appointed the Nigeria Deposit Insurance Corporation (NDIC) as liquidator of Heritage Bank following the withdrawal of the bank’s operating licence. The Acting Director, Corporate Communications of the CBN, Mrs.
The Central Bank of Nigeria has appointed the Nigeria Deposit Insurance Corporation as liquidator of Heritage Bank following the withdrawal of the bank’s operating licence.
The statement read in part: “The Central Bank of Nigeria , in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.” It added: “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. This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline.
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