{"id":112333,"date":"2024-06-03T16:31:45","date_gmt":"2024-06-03T15:31:45","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=112333"},"modified":"2024-06-03T16:31:45","modified_gmt":"2024-06-03T15:31:45","slug":"breaking-cbn-revokes-heritage-bank-license-over-poor-financial-performance","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/breaking-cbn-revokes-heritage-bank-license-over-poor-financial-performance\/","title":{"rendered":"BREAKING: CBN revokes Heritage Bank license over poor financial performance"},"content":{"rendered":"<p>The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect.<\/p>\n<p>The decision, it said, was to maintain a stable and healthy financial system as authorised under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020.<\/p>\n<p>A statement from the CBN by Mrs. Hakama Sidi Ali, Acting Director, Corporate Communications, said the revocation was executed after Heritage Bank breached Section 12 (1) of BOFIA 2020.<\/p>\n<p>\u201cThe bank\u2019s Board and Management failed to improve its financial performance, posing a risk to the financial stability of the country. Despite various supervisory measures taken by the CBN to help the bank recover, Heritage Bank continued to struggle without any reasonable prospects of recovery,\u201d the apex bank stated.<\/p>\n<p>The CBN further said it took the action to strengthen public confidence in the banking system and ensure that the soundness of the financial system is not impaired.<\/p>\n<p>To ensure public confidence and integrity of the financial system, the CBN appointed the Nigeria Deposit Insurance Corporation (NDIC) as the Liquidator of the Bank as stipulated in Section 12 (2) of BOFIA 2020.<\/p>\n<p>The CBN reassured the public that Nigeria\u2019s financial system remains robust and secure.<\/p>\n<div class=\"yj6qo\"><\/div>\n<div class=\"adL\"><\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect. The decision, it said, was to maintain a stable and healthy financial system&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":112334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-112333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>BREAKING: CBN revokes Heritage Bank license over poor financial performance - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/exclusive\/breaking-cbn-revokes-heritage-bank-license-over-poor-financial-performance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BREAKING: CBN revokes Heritage Bank license over poor financial performance - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect. 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