The Central Bank of Nigeria, CBN, has revoked the operating licence of Heritage Bank.
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 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect."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 has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.
News Politics Economy Trade Business Sports Current Events Travel Nigeria Economy Business And Finance West Africa Banking And Insurance
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria: CBN Releases List of Licensed Deposit Money Banks in NigeriaThe Central Bank of Nigeria (CBN) has published a comprehensive list of licensed Deposit Money Banks operating across the country, providing valuable insights into Nigeria's dynamic banking sector.
Read more »
Nigeria: World Bank, Partners Plan $500m to Bridge Agric Data Gap in Nigeria, OthersA global multi-institutional collaboration has concluded plans to deploy a US$500 million fund for engendering smartness in agricultural development and policy conceptualization through credible data gathering.
Read more »
Nigeria: 5 Things to Know About CBN's Cybersecurity Levy to Be Paid By NigeriansIn a significant move to bolster national cybersecurity, the Central Bank of Nigeria (CBN) has issued a directive to all banks and financial institutions to implement a cybersecurity levy on banking transactions.
Read more »
Nigeria: CBN Asks Banks to Suspend Charges On DepositThe Central Bank of Nigeria (CBN) has ordered commercial banks to suspend charges on cash deposits until September.
Read more »
Nigeria: CBN Directs Banks to Charge 0.5% Cybersecurity Levy On TransactionsThe levy shall be applied at the point of electronic transfer origination, then deducted and remitted by the financial institution.
Read more »
Nigeria: 16 Banking Transactions Not Affected By New CBN's Cybersecurity LevyThe Central Bank of Nigeria (CBN) has ordered all banks to start charging a 0.5 per cent cybersecurity levy on all electronic transactions within the country excluding 16 listed banking deals.
Read more »