In a decisive move, the Central Bank of Nigeria (CBN) has revoked the operating license of Heritage Bank with immediate effect. This action was taken due to the bank’s persistent financial struggles, which posed a significant risk to the stability of the financial system.
Despite the CBN’s efforts to support the bank through various supervisory measures, Heritage Bank failed to show improvement, leading to the revocation of its license. The Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of the bank, ensuring that depositors’ interests are protected.
This development highlights the CBN’s commitment to maintaining the integrity and stability of Nigeria’s banking system. Further details will be provided as the situation evolves.