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The Central Bank of Nigeria , has revoked the banking licence of Heritage Bank Plc with immediate effect.Ag. Director, Corporate Communications of the Appex bank, Hakama Ali, on Monday, said the move was
under 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.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.
It said “This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the license the next necessary step.”
Consequently, the CBN said it took action to strengthen public confidence in the banking system, and ensure that the soundness of the financial system is not impaired.To this effect, the CBN has appointed the Nigeria Deposit Insurance Corporation as the liquidator of the bank under Section 12 of BOFIA, 2020.
“We wish to assure the public that the Nigerian financial system remains on a solid footing. The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system,” the statement added.
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