By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: CBN Revokes Heritage Bank’s Operating Licence
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

CBN Revokes Heritage Bank’s Operating Licence

Muhammad A. Aliyu
By Muhammad A. Aliyu
Published: June 3, 2024
Share
2 Min Read
Heritage Bank
Heritage Bank
SHARE

The Central Bank of Nigeria (CBN) has revoked the operating licence of Heritage Bank Plc.

This decision was announced by the Acting Director of Corporate Communications, Hakama Sidi Ali, in a statement released on Saturday.

“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 Institutions Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect,” Ali stated.

This decisive action was taken due to Heritage Bank’s breach of Section 12 (1) of BOFIA, 2020. Despite multiple interventions and supervisory measures prescribed by the CBN to address the bank’s declining financial performance, the Board and Management of Heritage Bank have been unable to achieve the necessary improvements.

- Advertisement -

“The bank has continued to suffer financial instability and has no reasonable prospects of recovery, thereby making the revocation of the licence the next necessary step,” Ali explained.

The CBN emphasized that this move is aimed at strengthening public confidence in the Nigerian banking system and ensuring that the overall soundness of the financial sector is not compromised.

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

The CBN reassured the public of the resilience and stability of the Nigerian financial system. “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,” Ali concluded.

- Advertisement -

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:CBNHeritage Bank
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByMuhammad A. Aliyu
Follow:
Muhammad Ameer Aliyu, is a prolific journalist who joined Okay Nigeria in 2015 with the aim staying committed to bringing more positive growth to the digital news platform. He is the Senior Editor at Okay Nigeria.
Previous Article Strike: Nationwide Blackout as Labour Union Shuts Down National Grid
Next Article EXPLAINER: Why CBN Revoked Licence of Heritage Bank – What You Should Know

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Okay.ng Logo

Parallel Market Rates

USD
Buy₦1,550.00
Sell₦1,560.00
GBP
Buy₦2,130.00
Sell₦2,170.00
EUR
Buy₦1,750.00
Sell₦1,790.00

Updated: 23 hours ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

0.00
ShareShareShare

Rates are for informational purposes only.

Okay.ng Logo Parallel Market Rates
USD
Buy
Sell
GBP
Buy
Sell
EUR
Buy
Sell
| okay.ng
- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Tensions Mount in Senate as Senator Natasha Set to Make Controversial Return
News
ADC Accuses Presidency of Undermining Opposition Amidst Coalition Turmoil
Politics Top stories
Flood Devastation in Ondo Communities Sparks Urgent Calls for Government Intervention
News
Security and Electoral Bodies Confirm Full Preparedness for Upcoming Anambra Elections
News
Ruth Kadiri
Ruth Kadiri Reveals Why She Keeps Her Marriage Private
Celebrities
- Advertisement -
Ad imageAd image

You May Also Like

International

Trump Rages at Elon Musk’s ‘America Party’, Calls Move a “Train Wreck”

Damilola A.
Damilola A.
July 7, 2025
NewsSecurity

Anambra Police Intensify Crackdown on Cult Activities Amid Security Concerns

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
July 7, 2025

Babiana Trending Video: What You Should Know

Okay.ng
Okay.ng
July 7, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?