₦airaland Forum

The Central Bank of Nigeria has revoked the banking licence of Heritage Bank Plc, effective immediately.

This decision was made due to the bank’s failure to improve its financial performance, posing a threat to financial stability.

The apex bank’s Acting Director of Corporate Communication Department, Sidi Ali, disclosed this in a statement on Monday.

According to the CBN, the bank’s management has been unable to stem the decline despite various supervisory steps taken by the regulator. With no reasonable prospects of recovery, the CBN has taken this action to protect the financial system and maintain public confidence.

“The Nigerian financial system remains on a solid footing.

“We are committed to ensuring the safety and soundness of our financial system, and this action reflects that commitment,” the statement added.

The Nigeria Deposit Insurance Corporation has been appointed as the liquidator of Heritage Bank, following the Banks and Other Financial Act 2020.

This move is seen as a significant step by the CBN to maintain the stability of the financial system and protect depositors’ funds. The public has been assured that the revocation of Heritage Bank’s license will not impact the overall health of the financial system.

The statement read, “The Central Bank of Nigeria (CBN), following its mandate to promote a sound financial system in Nigeria and 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 under 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.”

Source: https://punchng.com/cbn-revokes-heritage-banks-licence/

Oh My God, My Blogging Business Money ooo

So if they ask banks to come out

Heritage Bank will come out

Please, I don't know much about banking systems. So, I have a question.

What will happen to the accounts and funds of the customers of this Heritage Bank?

immortalcrown:
Please, I don't know much about banking systems. So, I have a question.

What will happen to the accounts and funds of the customers of this Heritage Bank?

NDIC insures up to 5 million, so if yo have 5m or less NDIC will repay you within 60 days.

This bank sha! Shey na them be former Societe Generale Bank abi?

Make them rest!

Militant1:
NDIC insures up to 5 million, so if yo have 5m or less NDIC will repay you within 60 days.

My Brother, My Blogging Business Money 😭

Please I need to know what happens to my money? How can I get it back now that their license is revoked ??

Central Bank is responsible for all the monies in the bank, so if anything happens to your bank you can hold cbn responsible. Example if anything happens during your P.O.X transactions you will hold the bank responsible not P.O.X

Good

Something they should have done since.

Very anyhow bank
Bank that u can't use their atm card to make withdrawals almost all the time.

You can't even be a Heritage bank user and have rest of mind coz when you need an emergency fund from your account is when they will disappoint you the most. Infact they are likely to disappoint you almost 100% all the time

Many people will lose their jobs

Etizz:
Please I need to know what happens to my money? How can I get it back not that their license is revoked ??

.

The Nigeria Deposit Insurance Corporation has been appointed as the liquidator of Heritage Bank, following the Banks and Other Financial Act 2020.

The NDIC will pay you. If you have a lot of money it may take longer than if you have less.

Family problem...

Space booked

Wahala

The bank, formerly known as Société Generale Bank was rumored to have owed JJ Okocha $1m as at then when it went bankrupt. But there were reports that he eventually got his money back.

Even their ATM will not drop money.

CBN get sense at all? Them want render people jobless abi

post=130283628:
My Brother, My Blogging Business Money 😭

Your 50k. Cos if e pass 50k u no for dey use heritage

They should ensure people get their monies back, economy is too harsh for nonsense rn.

ekanDamie:
Your 50k. Cos if e pass 50k u no for dey use heritage

Inukwa ooooo

Sigh, this bank wasted money sponsoring big brother that year. Same with payprote and patrician. Who have all collapsed since then 🤔

What actually make them a Bank in the first instance?

Ok. No cause for alarm. CBN is taking a proactive step.

Bukola Saraki, show your face. Your useless family ran down Societe Generale Bank, now you have single handedly ran down this Heritage Bank again. Thank God that I didn't go to the yeye Bank when they called me from my former Bank.