Nigeria's CBN Revokes Heritage Bank's License

Jun 3, 2024, 09:55 AM

Nigeria's Central Bank (CBN) has revoked the banking license of Heritage Bank PLC. According to a statement, the decision was made because the bank has continued to suffer and has no reasonable prospects of recovery. Heritage Bank, a tier-2 commercial bank, failed to meet a deadline in April 2024 to communicate its recapitalisation plans to the Central Bank and made no progress in talks to raise money from investors. The Central Bank cited breaches of banking rules as another reason for the revocation.