CBN WITHDRAWS HERITAGE BANK’S OPERATING LICENSE

The Central Bank of Nigeria (CBN), on Monday, announced the immediate revocation of the licence of Heritage Bank over what it termed “its inability to improve its financial performance, a situation which constitutes a threat to financial stability.” This was contained in a statement signed by Mrs Hakama Sidi Ali, the Spokesperson of the apex bank. The CBN said the action to shutdown the bank drew strength from its regulatory powers and in accordance with its mandate to promote a sound financial system in Nigeria. The statement said: “This action…

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