Why CBN revoked license of Heritage Bank

By Chioma Obinagwam

Nigeria’s apex bank, the Central Bank of Nigeria(CBN) has revoked the operating license of Heritage Bank.

Confiance News gathered from a statement issued by CBN on Monday

CBN said that the bank failed to improve its financial performance, which violates Section 12(1) of the Banks and other Financial Institutions Act(BOFIA) 2020 and poses a threat to financial stability.