Ali stated, "The Central Bank of Nigeria, by its mandate to promote a sound financial system in Nigeria and exercising its powers under Section 12 of the Banks and Other Financial Institutions Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect." The action comes after the Board and Management of Heritage Bank failed to improve the bank’s financial performance, posing a threat to financial stability.

The CBN had engaged with Heritage Bank over a period, prescribing various supervisory measures to address its declining performance. Unfortunately, the bank continued to struggle, showing no reasonable prospects for recovery, making the licence revocation necessary.

This decisive step by the CBN is intended to bolster public confidence in the banking system and ensure the ongoing soundness of Nigeria’s financial infrastructure. To facilitate the next steps, the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the liquidator of the bank, in accordance with Section 12 (2) of BOFIA, 2020.

The CBN reassures the public that the Nigerian financial system remains robust and that this action reflects their unwavering commitment to the safety and stability of the financial system.