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Nigeria central bank revokes licence of Heritage Bank as bank rules breached

NIGERIA’S central bank said that it had revoked the banking licence of unlisted lender Heritage Bank Plc due to a breach of banking regulations.

“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,” the regulator said in a statement.

The central bank said its action followed a period of engagement with the bank where it prescribed various supervisory steps intended to stem a decline in Heritage’s performance.

“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,” the central bank said.

By The African Mirror