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

A statement by the Acting Director, Corporate Communications of the CBN, HAKAMA ALI said the move was under its mandate to promote a sound financial system in Nigeria, and in exercise of its powers under the Banks and Other Financial Act 2020.

According to ALI, Heritage Bank Plc had breached Section 12 (1) of the Act, adding that 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.

Consequently, the CBN said it took action to strengthen public confidence in the banking system and ensure that the soundness of the financial system is not impaired.

To this effect, the CBN has appointed the Nigeria Deposit Insurance Corporation (NDIC) as the liquidator of the bank.