The CBN said it took the action to strengthen public confidence in Nigeria's banking system.
The Central Bank of Nigeria has announced revocation of the licence of Heritage Bank Plc with immediate effect.
Ms Sidi-Ali said that the action was in accordance with the apex bank's mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the"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.
"Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby, making the revocation of the licence the next necessary step," she said.
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