The Central Bank of Nigeria (CBN) has announced the immediate revocation of Heritage Bank Plc's banking license.

This decision stems from the bank's failure to enhance its financial performance, which posed a risk to financial stability. Sidi Ali, the Acting Director of Corporate Communication at CBN, confirmed this development in a statement released on Monday.

Despite the CBN's various supervisory interventions, Heritage Bank's management has been unable to halt its financial decline. With no feasible prospects for recovery, the CBN took this measure to safeguard the financial system and uphold public confidence.

The CBN emphasized that the Nigerian financial system remains robust and assured the public of its commitment to maintaining the safety and soundness of the financial sector. As part of this effort, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of Heritage Bank, in accordance with the Banks and Other Financial Act (BOFIA) 2020.

The statement reiterated the necessity of this action due to Heritage Bank's violation of BOFIA Section 12 (1) and highlighted the CBN's dedication to ensuring the stability and health of the financial system.