GoldenNewsNG
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us
No Result
View All Result
Golden News
No Result
View All Result

CBN Revokes License Of Heritage Bank

Sylvester Tobias by Sylvester Tobias
June 3, 2024
in business, Headline, News
Reading Time: 2 mins read
CBN Revokes License Of Heritage Bank
26
SHARES
Advertisements

The Central Bank of Nigeria (CBN) has revoked the license of Heritage Bank Plc with immediate effect.

CBN Revokes License Of Heritage Bank

CBN spokesperson Hakama Ali announced on Monday, June 3, that the decision was made because Heritage Bank violated Section 12 (1) of the Banks and Other Financial Institutions Act (BOFIA) 2020.

READ ALSO

Call For Applications: Federal Government NIYA Gigs Program 2025 – Earn from Digital Skills as a Nigerian Youth

Call for Applications: NMFB “Cash Now-Now” Loan 2025 – Up to ₦300,000 for Petty Traders, Kiosk Owners & Artisans

Ali also said that the bank’s management and board failed to improve its financial condition, which posed a risk to financial stability.

She said the license withdrawal is part of the CBN’s duty to maintain a healthy financial system in Nigeria, as allowed by Section 12 of BOFIA 2020.

Ali noted that despite various measures to help the bank recover, these efforts were unsuccessful, making the license revocation necessary.

The CBN spokesman said that his action aims to maintain public confidence and protect the integrity of the financial system.

She revealed that the Nigeria Deposit Insurance Corporation (NDIC) has been appointed as the bank’s liquidator, as specified by Section 12 (2) of BOFIA 2020.

Ali assured the public that Nigeria’s financial system remains stable and that this step is part of ongoing efforts to ensure its safety and soundness.

She said: “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.”

📢 JOIN OUR WHATSAPP GROUP 📢 JOIN OUR TELEGRAM CHANNEL
Previous Post

Germany Launches Portal For Skilled Nigerian Workers To Apply For Jobs In Germany

Next Post

Full List Of 32 Unions That Joined Ongoing NLC Strike Over New Minimum Wage

Related Posts

Call For Applications: Federal Government NIYA Gigs Program 2025 – Earn from Digital Skills as a Nigerian Youth

Young Nigerians learning digital skills for the NiYA Gigs Program 2025

FG Launches NIYA Gigs Program 2025 – Step-by-Step Guide to Apply and Earn from Digital Skills   The Federal Government...

Read moreDetails

Call for Applications: NMFB “Cash Now-Now” Loan 2025 – Up to ₦300,000 for Petty Traders, Kiosk Owners & Artisans

Are you a petty trader, artisan, or kiosk owner in Nigeria struggling with capital? The NIRSAL Microfinance Bank (NMFB) has...

Read moreDetails

National Poverty Eradication Recruitment Program (NAPEP)2025 – Application Guide for Interested Nigerians

Step-by-Step Guide: How to Apply for NAPEP 2025

The National Poverty Eradication Programme (NAPEP) has officially opened its portal for the 2025 recruitment and vocational training program, targeting...

Read moreDetails

Federal Government LEEP Program 2025 – Apply Now for Skills Training, Job Opportunities & Empowerment

Federal Government LEEP Program 2025 – Apply Now for Skills Training, Job Opportunities & Empowerment

The Federal Government of Nigeria has officially opened applications for the Labour Employment and Empowerment Programme (LEEP) 2025, a national...

Read moreDetails

Can You Teach Students Your Skill? Get Paid to Train Under FG TVET Program – See How to Register & Full Requirements

Can You Teach Students Your Skill? Get Paid to Train Under FG TVET Program – See How to Register & Full Requirements

Do you have a skill you can confidently teach others, like fashion design, barbing, hairdressing, baking, plumbing, tech, or tailoring?...

Read moreDetails

FME TVET Application Portal opens for New Applications – Step-by-Step Guide to Apply for TVET Program  Receive ₦45,000 Monthly Stipend

FME TVET Application Portal 2025 – Step-by-step guide to apply for Technical and Vocational Education Training in Nigeria with ₦45,000 monthly stipend"

The FME TVET Application Portal has reopened for new applications, and here is how you can submit yours. The Federal...

Read moreDetails

Download: NDA Shortlisted Candidates List, 77RC AFSB 2025

Download: NDA Shortlisted Candidates List, 77RC AFSB 2025

NDA Releases List of Successful Candidates for 77 Regular Course, Announces Interview Schedule The Nigerian Defence Academy (NDA) has published...

Read moreDetails

Defamation Drama: Natasha Faces Court Over Claims Against Akpabio

JUST IN : Court Grants Senator Natasha Bail - Fixes Date For Trial

Natasha arraigned over alleged defamation of Senator Akpabio Senator Natasha Akpoti-Uduaghan was arraigned before the Federal Capital Territory (FCT) High...

Read moreDetails

JUST IN : Court Grants Senator Natasha Bail – Fixes Date For Trial

JUST IN : Court Grants Senator Natasha Bail - Fixes Date For Trial

The Federal Capital Territory (FCT) High Court in Maitama has granted bail to suspended Senator Natasha Akpoti-Uduaghan, who is facing...

Read moreDetails

BREAKING: FDA Approves New Twice-Yearly HIV Prevention Shot, Yeztugo

HIV prevention shot

The United States has approved a new HIV prevention shot that requires just two injections per year — a significant...

Read moreDetails
Load More
Next Post
Full List Of 32 Unions That Joined Ongoing NLC Strike Over New Minimum Wage

Full List Of 32 Unions That Joined Ongoing NLC Strike Over New Minimum Wage

SEARCH ADS

Latest Posts

Young Nigerians learning digital skills for the NiYA Gigs Program 2025
Headline

Call For Applications: Federal Government NIYA Gigs Program 2025 – Earn from Digital Skills as a Nigerian Youth

Headline

Call for Applications: NMFB “Cash Now-Now” Loan 2025 – Up to ₦300,000 for Petty Traders, Kiosk Owners & Artisans

Step-by-Step Guide: How to Apply for NAPEP 2025
News

National Poverty Eradication Recruitment Program (NAPEP)2025 – Application Guide for Interested Nigerians

Federal Government LEEP Program 2025 – Apply Now for Skills Training, Job Opportunities & Empowerment
Jobs

Federal Government LEEP Program 2025 – Apply Now for Skills Training, Job Opportunities & Empowerment

Can You Teach Students Your Skill? Get Paid to Train Under FG TVET Program – See How to Register & Full Requirements
Education

Can You Teach Students Your Skill? Get Paid to Train Under FG TVET Program – See How to Register & Full Requirements

FME TVET Application Portal 2025 – Step-by-step guide to apply for Technical and Vocational Education Training in Nigeria with ₦45,000 monthly stipend"
Headline

FME TVET Application Portal opens for New Applications – Step-by-Step Guide to Apply for TVET Program  Receive ₦45,000 Monthly Stipend

Download: NDA Shortlisted Candidates List, 77RC AFSB 2025
Headline

Download: NDA Shortlisted Candidates List, 77RC AFSB 2025

JUST IN : Court Grants Senator Natasha Bail - Fixes Date For Trial
Crime

Defamation Drama: Natasha Faces Court Over Claims Against Akpabio

JUST IN : Court Grants Senator Natasha Bail - Fixes Date For Trial
Headline

JUST IN : Court Grants Senator Natasha Bail – Fixes Date For Trial

HIV prevention shot
Headline

BREAKING: FDA Approves New Twice-Yearly HIV Prevention Shot, Yeztugo

© 2024 Golden News

  • About Us
  • Advertise with Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms And Conditions
No Result
View All Result
  • Home
  • News
  • Education
  • Business
  • Jobs
  • Daily Guides
  • About Us
  • Advertise with Us

© 2024 Golden News