Central Bank Revoke Heritage Bank Licence

Post created on 12:28 pm

The Central Bank of Nigeria, CBN, through the acting Director of Corporate Communication, Hakama Sidi Ali, has announced the revoking of the Heritage Bank Licence.

The announcement came on Monday amidst the ongoing nationwide strike that the bank has failed to keep up with standards according to laws guiding the banking sector.

On Monday the statement released by the apex bank revealed that the management of the bank has failed to improve the bank’s financial performance which stands a risk to financial stability.

Mrs Halima said the CBN has taken various steps and measures to help but the commercial bank shows no reasonable efforts of recovery, reason for the immediate revocation of the licence.

Stating further, the apex bank said the action is to help strengthen the confidence of the public towards the banking sector and keep to the tenets of the system.