Nigeria's Central Bank (CBN) has revoked the banking license of Heritage Bank PLC. According to a statement, the decision was made because the bank has continued to suffer and has no reasonable prospects of recovery. Heritage Bank, a tier-2 commercial bank, failed to meet a deadline in April 2024 to communicate its recapitalisation plans to the Central Bank and made no progress in talks to raise money from investors. The Central Bank cited breaches of banking rules as another reason for the revocation.
Nigeria central bank revokes licence of Heritage Bank as bank rules breached https://t.co/gjFcDPL4Gn https://t.co/tSlS3AtHZ5
BREAKING: Nigeria’s Central Bank Revokes Banking Licence Of Heritage Bank | Sahara Reporters https://t.co/J0A9fKT6Lu https://t.co/zeRWhHrzs7
"Despite a deadline of April 2024 to communicate its recapitalisation plans to the Central Bank, Heritage Bank failed to make any progress in talks to raise money from investors" https://t.co/QlQppxCwXc via @TechCabal
Nigeria's central bank revokes license of tier-2 commercial bank @heritagebankplc: "the bank has continued to suffer and has no reasonable prospects of recovery" https://t.co/NSM3cPJZkY
BREAKING: CBN Revokes Licence Of Heritage Bank https://t.co/ZDIKBjBnbg
⚠️ NIGERIA'S CENTRAL BANK REVOKES BANKING LICENSE OF HERITAGE BANK PLC - STATEMENT - STATEMENT