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The Central Bank of Nigeria (CBN) has announced the swift cancellation of Heritage Bank Plc's banking license in an audacious attempt to preserve a stable financial environment.
Immediate Revocation Due to Non-Compliance
The Banks and Other Financial Act (BOFIA) 2020 was violated by Heritage Bank, specifically in violation of Section 12 (1), which is why the CBN made its decision. The CBN took several supervisory and intervention measures, but the bank's financial situation persisted, endangering the stability of the financial system as a whole.
Strengthening Public Confidence in the Banking System
The revocation is a component of the CBN's larger plan to increase public confidence and guarantee the stability of the Nigerian financial system. In accordance with BOFIA, 2020 Section 12(2), the Nigeria Deposit Insurance Corporation (NDIC) has been designated as the liquidator.
Commitment to Financial System Safety
The CBN reaffirms its dedication to safeguarding the financial system's integrity. This measure demonstrates the commitment to doing whatever is required to keep the financial industry safe and sound.
The press release, which was released by Mrs. Hakama Sidi Ali, Acting Director of Corporate Communications, reassures the public about the strong foundation of the Nigerian financial system.
CBN Revokes the Banking Licence of Heritage Bank Plc...
Kindly click on the provided link to read more:https://t.co/PylKNfQiLo pic.twitter.com/Dt5HAHHLAX— Central Bank of Nigeria (@cenbank) June 3, 2024
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