CBN Revokes Heritage Bank’s Operating LicenceBy Ngozi Onyeakusi—The Central Bank of Nigeria (CBN), 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 (BOFIA) 2020, today revoked the operating licence of Heritage Bank Plc
with immediate effect.

According to a press statement signed by
Mrs Hakama Sidi Ali, Ag. Director, Corporate Communications

this action became necessary due to the bank’s breach of Section 12 (1) of BOFIA,

“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

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 has taken this action to strengthen public confidence in the
banking system and ensure that the soundness of our financial system is not impaired.

The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the
Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.

We wish to assure the public that the Nigerian financial system remains on a solid

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”, it stated.