Following the revocation of the banking licence of Heritage Bank Plc by the Central Bank of Nigeria (CBN) the Nigeria Deposit Insurance Corporation (NDIC) said it has commenced the liquidation of the bank with immediate verification and payment of insured deposits to the bank’s depositors.
The NDIC in a statement issued on Monday said it commenced the liquidation process in pursuant to Section 12(2) of BOFIA, 2020, and in accordance with Section 55 sub-section 1 & 2 of the NDIC Act 2023.
The CBN earlier yesterday announced the revocation of the bank’s licence with immediate effect.
The apex bank said the action became 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.
The withdrawal of operational licence is in accordance with its mandate to promote a sound financial system in Nigeria and in…
Source: Leadership Newspaper
