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    of 1

    www.cbn.gov.

    ng
    Central Bank of Nigeria
    Press Release

    CBN REVOKES THE BANKING LICENCE OF HERITAGE BANK PLC

    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, hereby revokes the licence of Heritage Bank Plc
    with immediate effect.

    This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA,
    2020. 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
    stability. 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
    footing. 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.

    Hakama Sidi Ali (Mrs.)


    Ag. Director, Corporate Communications

    June 03, 2024

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